Placing a five-member board in charge of the Consumer Financial Protection Bureau is a “common-sense, bipartisan solution,” CUNA and other trade organizations told House Financial Services Committee leadership Tuesday.
Despite promises to “level the playing field,” the impact of nearly every Consumer Financial Protection Bureau rule to date has made it more difficult and expensive for credit unions to serve their members.
Discriminatory lending practices in majority-black-and-Hispanic neighborhoods led the Consumer Financial Protection Bureau and U.S. Department of Justice to take action against Hudson City Savings Bank.
Featured News Now, News Now, Headlines, Policy & IssuesMortgage-related complaints, particularly involving banks, exceed those of any other product according to the Consumer Financial Protection Bureau’s monthly snapshot released this week.
The Consumer Financial Protection Bureau finalized its proposal Monday expanding the definition of “small creditor” to include those institutions that originate and sell fewer than 2,000 mortgages per year, and have less than $2 billion in assets.
WASHINGTON (9/21/15 UPDATED 2:45 p.m. ET)--The Consumer Financial Protection Bureau (CFPB) finalized a rule this afternoon increasing the number of financial institutions able to offer certain mortgages in rural and underserved areas.
The U.S. House will vote next week on a bill that will delay the implementation of the Consumer Financial Protection Bureau’s new mortgage rule, and create a safe harbor protecting credit unions from legal recourse through Feb. 1, 2016.