CUNA was successful in getting the Consumer Financial Protection Bureau to delay the effective date of the Truth in Lending Act-Real Estate Settlement Procedures Act integrated disclosures rule to Oct. 3, but continues to call for a safe harbor for legal liability and enforcement through the end of the year.
Consumer Financial Protection Bureau Director Richard Cordray told the Senate Banking Committee Wednesday that the lending practices of credit unions and community banks are the most consumer-friendly of the nation's financial institutions.
Consumers lose when the Consumer Financial Protection Bureau (CFPB) keeps credit unions from serving them. That’s the message CUNA sent to the U.S. Senate Banking Committee Tuesday in advance of the committee's hearing with CFPB Director Richard Cordray.
WASHINGTON (7/14/15 UPDATED 12:30 p.m. ET)--Consumers lose when the Consumer Financial Protection Bureau (CFPB) keeps credit unions from serving them. That’s the message CUNA sent to the U.S. Senate Banking Committee in advance of its Wednesday hearing with CFPB Director Richard Cordray.
Alleged unfair charges for add-on credit card products led the Consumer Financial Protection Bureau to act against two companies last week. Affinion Group Holdings Inc., its affiliated companies, and Intersections Inc. are the subject of proposed consent orders that would require nearly $10 million in penalties and consumer relief.
The U.S. Department of Labor’s proposed overtime rule would affect a substantial portion of credit union employees, particularly at smaller credit unions and those in rural or underserved areas, CUNA told the department Tuesday.