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.
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.
FinCEN issued a list last week of frequently asked questions regarding Customer Due Diligence requirements for financial institutions. The document contains 24 sets of questions and answers, which are also available on. CUNA’s CompBlog .
Oral arguments in the lawsuit against the Federal Communications Commission regarding its Telephone Consumer Protection Act will begin Oct. 19. CUNA filed an amicus brief last year asking for the ruling to be vacated.
The NCUA board voted Thursday to adopt the agency’s strategic plan for 2017-21 that includes updating the agency’s goals for examinations. While this change does not immediately credit unions' exam cycle, it sets the stage for later improvements.