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.
WASHINGTON (3/10/16)--The number of federal legislators calling for the Consumer Financial Protection Bureau to use its authority to protect credit unions hit nearly 330 as of Wednesday, with a final count likely to come by the end of the week. This effort has been fully led by credit unions.
WASHINGTON (3/7/16)--More than 266 legislators signed a letter calling for the Consumer Financial Protection Bureau (CFPB) to use its authority to protect credit unions as of Friday. The letter, composed by Reps. Adam Schiff (D-Calif.) and Steve Stivers (R-Ohio) and addressed to the CFPB, cited a Government Accountability Office study that shows how increased regulatory burden for credit unions and other small institutions leads to reduced lending.
WASHINGTON (3/3/16)--The Consumer Financial Protection Bureau announced Wednesday an application process for areas not currently deemed “rural” receive that designation under federal consumer financial law. However, the final rule does not contain language helpful to credit unions by removing Truth in Lending Act requirements that lenders prove they "predominately" operate in rural or underserved areas.
WASHINGTON (3/3/16)--Online payment platform Dwolla was hit with a $100,000 penalty, the Consumer Financial Protection Bureau announced Wednesday, stemming from alleged misrepresentation of Dwolla’s data security practices.
WASHINGTON (3/2/16)--Complaints about prepaid products have risen in recent months, according to the Consumer Financial Protection Bureau’s complaint snapshot. The monthly snapshot also examined complaints from Texas and the Houston metropolitan area.
WASHINGTON (3/1/16)--CUNA was in attendance Monday at a discussion about the Consumer Financial Protection Bureau regarding its “successors-in-interest” proposal. The CFPB first proposed changes to the rule in December 2014, and CUNA expressed a number of concerns in its March 2015 comment letter, but no rule has been finalized.
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 is concerned with a report on consumer testing used by the CFPB to analyze periodic statement forms for consumers in bankruptcy, but concurs with some of its findings. The bureau issued a report in February on its study.