The CFPB issued guidance on “junk fees” this week that raise several concerns over the treatment of financial institution fees, including a statement that overdraft and depositor fees likely violate the Consumer Financial Protection Act when consumers cannot reasonably avoid them.
The Indiana Credit Union League announced its newly elected board and a new director last week. The new board consists of all women in officer positions and its first African American chairwoman, Afena Federal Credit Union President/CEO Karen Madry.
The CFPB Thursday commenced its rulemaking on personal financial data rights under section 1033 of the Dodd-Frank Act, releasing proposals and alternatives under consideration for the CFPB’s data rights rulemaking.
CUNA Chief Economist Mike Schenk said the Commerce Department's third-quarter GDP report shows that healthy economic growth will not last, as the Fed's recent aggressive policy response to high inflation "virtually guarantees" fourth-quarter output will decelerate, perhaps significantly.
NCUA’s third summit focused on diversity, equity, and inclusion, is set for Nov. 2 to 4 and registration is open. CUNA, League, and credit union leaders will participate in the event, which has an online and live component.
The Credit Card Competition Act puts credit union service to its members and communities in jeopardy, wrote Dade County Federal Credit Union President/CEO George Joseph in The Floridian, adding the bill would provide a handout to retailers at expense of data privacy and access credit.
The NCUA Board discussed the latest on cybersecurity and the Central Liquidity Facility at its Thursday meeting. It also approved the agency’s Enterprise Risk Appetite Statement, a management tool that provides guidance on the amount of risk the NCUA is willing to undertake.
Credit Union Magazine’s Fall 2022 issue highlights credit unions’ role in cryptocurrency, the state of digital assets, cannabis banking compliance, the human side of technology implementation, and involving the board in financial discussions.