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.
CUNA President/CEO Jim Nussle said Thursday that the field-of-membership rule changes proposed by the National Credit Union Administration at its open board meeting will provide greater choice for consumers, as well as flexibility for credit unions to better serve their communities.
Human trafficking, money laundering, trade-based money laundering and terrorist financing all come with their own sets of red flags for financial institutions. In addition, entities such as money services businesses and cash-intensive businesses can be legitimate, but also have potential to be used for illicit activities.