A bill to place the Consumer Financial Protection Bureau under the appropriations process is a “great regulatory relief opportunity for credit unions,” CUNA said Wednesday after the U.S. House Financial Services Committee passed the Taking Account of Bureaucrats’ Spending Act of 2015.
Placing the Consumer Financial Protection Bureau under the appropriations process is a step toward ensuring credit unions are not further burdened with regulations, CUNA President/CEO Jim Nussle wrote prior to today’s markup of Taking Account of Bureaucrats’ Spending Act of 2015.
CUNA reiterated points from its March 11 comment letter during this week's meeting with the Consumer Financial Protection Bureau regarding the Home Mortgage Disclosure Act and the bureau’s resubmission guidelines.
WASHINGTON (4/8/16)--Sen. Tim Scott (R-S.C.) expressed concern over the effects of regulation on credit unions and community banks to Consumer Financial Protection Bureau Director Richard Cordray Thursday, and CUNA took note of inaccuracies in Cordray’s response.
WASHINGTON (4/8/16)--CUNA continues to express disappointment in the Consumer Financial Protection Bureau’s hesitation to use its exemption authority, outlining a number of ways this hurts consumers in a letter Thursday. Sent for the record of CFPB Director Richard Cordray’s semiannual appearance before the Senate Banking Committee, CUNA's letter highlights the impact of regulatory burden, and the fact that those issues often seem to be dismissed or go unaddressed by the bureau.
WASHINGTON (4/7/16)--CUNA is monitoring cases in federal courts in Washington, D.C., challenging the Dodd-Frank Act, that could create important precedents for those under the jurisdiction of Dodd-Frank, and those looking to challenge it.
WASHINGTON (4/5/16)--CUNA has asked Congress to officially enter its groundbreaking regulatory burden study into the record for the U.S. Senate Banking Committee in advance of today’s hearing on the effects of consumer finance regulations. The hearing is one of two conducted this week by the Senate Banking Committee; the second will feature testimony from Consumer Financial Protection Bureau Director Richard Cordray.
WASHINGTON (4/4/16)--Credit card issuers have until May 2 to submit their card agreements to the Consumer Financial Protection Bureau, as the one-year suspension of the requirement ended April 1. The CFPB suspended the quarterly submission in April 2015 as it developed a streamlined database of the agreements.
WASHINGTON (4/1/16)--A student loan debt relief operation is alleged to have illegally tricked borrowers into paying fees for loan benefits, resulting in action from the Consumer Financial Protection Bureau. The company must pay a $50,000 penalty, halt debt relief services and stop charging affected customers.
WASHINGTON (3/31/16)--The Consumer Financial Protection Bureau will delay finalization of its proposal on prepaid products, according to a number of reports, one of which said the final rule will not be out until May or June.
Six federal agencies published guidance last week designed to ensure all depository institutions are aware of expectations when it comes to deposit reconciliation. CUNA’s compliance explains what it means for credit unions in a recent CompBlog post.
CUNA Chief Policy Officer/Chief Economist Bill Hampel said there is no immediate concern for credit unions regarding a U.S. appeals court decision to throw out a $1.27 billion penalty levied by the U.S. Department of Justice against Bank of America in connection with questionable mortgages sold by the former subprime giant Countrywide.