The Consumer Financial Protection Bureau announced Wednesday it is considering proposing rules to ban arbitration clauses, and hosted a field hearing here to discuss it. John Rudy, senior vice president and chief lending officer at Bellco CU, Greenwood Village, Colo., presented the credit union perspective at the hearing.
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.
CUNA President/CEO Jim Nussle said Thursday that the field-of-membership rule changes proposed by the National Credit Union Administration at its open board meeting will provide greater choice for consumers, as well as flexibility for credit unions to better serve their communities.
Human trafficking, money laundering, trade-based money laundering and terrorist financing all come with their own sets of red flags for financial institutions. In addition, entities such as money services businesses and cash-intensive businesses can be legitimate, but also have potential to be used for illicit activities.