WASHINGTON (3/23/16)--CUNA would like to see more dialogue and attention from the Consumer Financial Protection Bureau directed at the concerns of credit unions, CUNA President/CEO Jim Nussle wrote to bureau Director Richard Cordray Tuesday.
WASHINGTON (3/22/16)--A federal district court found last week that a debt relief company violated federal law, resulting in an order for Morgan Drexen Inc. to pay more than $132 million in restitution and a $40 million civil penalty, the Consumer Financial Protection Bureau said in a release.
WASHINGTON (3/17/16)--CUNA continues to be disappointed in Consumer Financial Protection Bureau Director Richard Cordray's stance on the impact the bureau's regulations are having on not-for-profit, member-directed credit unions, said Jim Nussle, president/CEO of CUNA.
WASHINGTON (3/17/16)--Members of the U.S. House Financial Services Committee peppered Consumer Financial Protection Bureau Director Richard Cordray Wednesday with questions that advance CUNA-supported principles.
WASHINGTON (3/16/16 UPDATED 3:30 p.m. ET)--CUNA continues to be disappointed in Consumer Financial Protection Bureau (CFPB) Director Cordray’s stance on the impact the bureau’s regulations are having on not-for-profit, member-directed credit unions, said Jim Nussle, president/CEO of CUNA.
WASHINGTON (3/16/16)--While the Consumer Financial Protection Bureau acknowledges credit unions serve their members well, the bureau’s activity does not match this understanding, CUNA wrote to Congress Tuesday. In a letter sent for the record of today’s House Financial Services Committee hearing with CFPB Director Richard Corday, CUNA wrote to the committee with its concerns about the bureau’s actions.
WASHINGTON (3/15/16)--A bipartisan letter signed by 329 members of the U.S. House was delivered to Consumer Financial Protection Bureau Director Richard Cordray Monday, calling for the bureau to protect credit unions from Dodd-Frank regulatory burden. The letter was composed by Reps. Adam Schiff (D-Calif.) and Steve Stivers (R-Ohio), and efforts to collect signatures were led by CUNA, state leagues and credit unions.
WASHINGTON (3/15/16)--The heads of two agencies with rules that impact credit unions directly will be testifying on Capitol Hill this week. Consumer Financial Protection Bureau Director Richard Cordray and U.S. Department of Labor Secretary Thomas Perez will appear before the House Financial Services Committee and the House Committee on Education and the Workforce, respectively.
WASHINGTON (3/11/16)--The Consumer Financial Protection Bureau’s strategic outlook, as well as elder financial abuse, are on the agenda for the public portion of the next Credit Union Advisory Council meeting, scheduled for March 24. CUNA will be in attendance.
Since CUNA’s compliance staff compiled a list of changes in mortgage interest reporting under the IRS’s Form 1098, several questions have arisen. CUNA’s compliance staff has been able to connect with a coalition of consumer mortgage lenders to provide answers.
After months of advocacy by CUNA, the CFPB Thursday wrote to CUNA announcing it will initiate a rulemaking this summer to address issues with the bureau’s Truth in Lending Act-Real Estate Settlement Procedures Act integrated disclosures rule.