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.
WASHINGTON (3/31/16)--Attempted collections on debts not owed top the debt collection complaints received by the Consumer Financial Protection Bureau, according to the bureau’s latest snapshot. This month’s snapshot also highlights trends seen in complaints from Florida consumers.
WASHINGTON (3/29/16)--With both chambers of Congress out this week, CUNA turns its attention to two hearings scheduled for next week, both featuring a look at the Consumer Financial Protection Bureau. On April 5, the Senate Banking Committee will conduct a hearing on the effects of consumer finance regulations, and on April 7, CFPB Director Richard Cordray will appear before the Senate Banking Committee.
The subject of dividends has come up in a number of questions to CUNA’s compliance staff recently, making this a good time to address questions with the NCUA’s Truth in Savings Regulation (12 CFR 707).
The CFPB is expected to release its proposal on debt collection in conjunction with a July 28 field hearing in Sacramento, Calif. CUNA has met with the bureau a number of times to address the forthcoming rulemaking.