Sen. Deb Fischer introduced legislation Thursday that would change the leadership structure at the CFPB from a single director with a five-person, bipartisan commission. It comes as the U.S. Supreme Court is expected to release a decision in a lawsuit challenging the constitutionality of the CFPB being led by a single director removable only by cause.
Congressional action is still needed to protect borrowers that carried out the Paycheck Protection Program in good faith from any liability stemming from the structure and design of the PPP, CUNA wrote to the House Small Business Committee Wednesday.
The Federal Reserve Board met the COVID-19 crisis head-on with a variety of decisive, impactful and far-reaching policy responses that clearly steadied financial markets and the broader economy, including the creation of the Fed’s Main Street Lending Program.
CUNA shared concerns about the CFPB's management of its consumer complaint database and recommended the CFPB conduct a robust analysis of the potential cost and benefits associated with continuing its Company Response Survey.
Low-cost masks, hand sanitizer, and other protective equipment is available to credit unions through a partnership of the National Credit Union Foundation, state credit union foundations and Geiger. A portion of all proceeds will be donated to the state’s credit union foundation.
The FTC is making more state-level information available to the public about the complaints it receives from consumers related to COVID-19 with reports about online shopping problems topping the list of complaints in most states.
The Fed has boosted confidence in the financial system in the wake of the pandemic, which has helped credit unions keep member loan demand steady as near-record numbers of members have refinanced mortgages and effectively freed up cash flow.
CUNA wrote in support of several bills it believes will help financial institutions combat financial scammers, especially during the pandemic, and shared principles for data privacy and security legislation in a letter sent Tuesday.
The FHFA announced Monday it will be re-proposing the updated minimum financial eligibility requirements for Fannie Mae and Freddie Mac Seller/Servicers. The original Jan. 31 proposal will not be finalized and implemented this month as planned.
The U.S. Treasury and Small Business Administration last week released new and revised guidance regarding the Paycheck Protection Program designed to implement the changes in the PPP Flexibility Act relating to loan maturity, deferral of loan payments and forgiveness provisions.