News & Analysis as of

Credit Unions Consumer Financial Protection Bureau

Overdraft Report, Disclosure Prototypes From CFPB

Focusing on overdrafts, the Consumer Financial Protection Bureau (CFPB) released a new report as well as prototypes of “Know Before You Owe” disclosures for banks and credit unions offering overdraft protection....more

May, June and July Developments

by Sullivan & Worcester on

With a straight face, President Trump has issued an executive order on June 20th that would expand Apprenticeship opportunities in the US in order to expand jobs. The CFTC has adopted some final rules on records...more

The Department of the Treasury Issues Recommendations on the Regulation of U.S. Depository Institutions

by Jones Day on

"A Financial System that Creates Economic Opportunities: Banks and Credit Unions," a Report by the Department of the Treasury, identifies potential reforms that would promote the "Core Principles for Regulating the United...more

The CFPB Enforcement Action Against Navy Federal Credit Union and the Broad Sweep of UDAAPs

by Nexsen Pruet, PLLC on

This past October, the Consumer Financial Protection Bureau (“CFPB”) took action against Navy Federal Credit Union, the largest credit union in the country. In doing so, the CFPB relied upon one of its favorite enforcement...more

NAFCU urges regulatory relief for credit unions in letter to Secretary of the Treasury Mnuchin

by Ballard Spahr LLP on

On February 28, 2017, B. Dan Berger, President and Chief Executive Officer of the National Association of Federally-Insured Credit Unions (the “NAFCU“), urged regulatory relief for credit unions in a letter submitted to the...more

Michigan Department of Insurance and Financial Services Announces New Online Complaint Form

by Ballard Spahr LLP on

The Michigan Department of Insurance and Financial Services (DIFS) has announced the launch of a finalized version of its online portal to assist Michigan consumers with the filing of electronic complaints. DIFS' Office of...more

CFPB seeking new members for advisory groups

by Ballard Spahr LLP on

The CFPB has published a notice in the Federal Register announcing that it is seeking applications from persons interested in becoming members of its Consumer Advisory Board (Board), Community Bank Advisory Council (CBAC), or...more

CFPB announces annual adjustments to HMDA/TILA asset-size exemption thresholds

by Ballard Spahr LLP on

The CFPB has announced annual adjustments to two asset-size exemption thresholds. First, the CFPB has made no change to the asset-size exemption threshold under HMDA/Regulation C which is currently set at $44 million. ...more

Banking trade groups urge creation of commission to run CFPB

by Ballard Spahr LLP on

In a letter sent to Majority Leader McConnell and Minority Leader-elect Schumer, the Consumer Bankers Association, the Credit Union National Association, the Independent Community Bankers of America, and the National...more

Creditors and Debt Collectors Should Pay Close Attention to the CFPB’s Consent Order with Navy Federal Credit Union

The Consumer Financial Protection Bureau (CFPB) announced a consent order with Navy Federal Credit Union (Navy Federal) on October 11, 2016. While financial institutions should always analyze CFPB consent orders closely and...more

CFPB: The Quarterly Review, Q3 2016

by White & Case LLP on

White & Case’s Financial Institutions Advisory (FIA) practice is pleased to share its most recent quarterly newsletter on the Consumer Financial Protection Bureau’s ("CFPB” or "Bureau”) oversight of the consumer financial...more

CFPB enters into consent order with credit union

by Ballard Spahr LLP on

The CFPB announced that it has entered into a consent order with Navy Federal Credit Union to settle allegations that the credit union engaged in unfair and deceptive collection practices in violation of the Consumer...more

CFPB Settles with National Credit Union Over Alleged Deceptive Debt Collection Practices

by Goodwin on

On October 11, the Consumer Financial Protection Bureau (CFPB) announced that it entered into a consent order with a national credit union over allegations that the credit union made false and misleading representations to...more

Director Cordray Responds To Letter from Senators Seeking Tailored Rulemaking for Community Banks and Credit Unions

by Ballard Spahr LLP on

Last month, a bipartisan group of 70 senators were signatories to a letter sent to Consumer Financial Protection Bureau (CFPB) Director Richard Cordray urging the CFPB to “carefully tailor its regulations to match the unique...more

CFPB August 2016 complaint report highlights bank account or service complaints, complaints from Ohio consumers

by Ballard Spahr LLP on

The CFPB has issued its August 2016 complaint report which highlights complaints about bank accounts or services and complaints from consumers in Ohio and the Columbus metro area.  The CFPB began taking bank account or...more

Director Cordray responds to letter from Senators seeking tailored rulemaking for community banks and credit unions

by Ballard Spahr LLP on

Last month, a bipartisan group of 70 Senators were signatories to a letter sent to Director Cordray urging the CFPB to “carefully tailor its regulations to match the unique nature of community banks and credit unions.” In...more

CFPB announces new appointments to advisory groups

by Ballard Spahr LLP on

The CFPB has announced the appointment of new members to its Consumer Advisory Board, Community Bank Advisory Council, Credit Union Advisory Council, and Academic Research Council. In January 2016, the CFPB published a...more

CFPB Credit Union Advisory Council to meet Sept. 1

by Ballard Spahr LLP on

The CFPB has published a notice in the Federal Register announcing that a meeting of its Credit Union Advisory Council (CUAC) will be held on September 1, 2016. The notice indicates that the CUAC will discuss youth financial...more

Community bank and credit union trade groups raise concerns about CFPB’s payday lending proposal

by Ballard Spahr LLP on

The Independent Community Bankers of America and the Credit Union National Association have sent a letter to Director Cordray “to express serious concerns” about the CFPB’s proposed rule covering single-payment payday and...more

CFPB to hold May 25 webinar for banks on elder financial exploitation

by Ballard Spahr LLP on

The American Bankers Association has reported that on May 25, 2016, the CFPB will hold a webinar on how banks and credit unions can protect older consumers from financial exploitation. The webinar will highlight the CFPB’s...more

CFPB Credit Union Advisory Council to meet on March 24

by Ballard Spahr LLP on

The CFPB will hold a meeting of its Credit Union Advisory Council on March 24, 2016 in Washington, D.C. According to the meeting agenda, one session will be a discussion of the CFPB’s strategic outlook and the other session...more

CFPB Confirms Credit Unions Will Remain Subject to Regulations

by Goodwin on

On February 23, 2016, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray delivered prepared remarks regarding CFPB regulation of credit unions to the Credit Union National Association. The crux of Director...more

Director Cordray reveals no change in CFPB’s approach to payday loans

by Ballard Spahr LLP on

In remarks earlier this week to the National Credit Union Association, Director Cordray discussed the proposals the CFPB is considering for small dollar loans. In March 2015, in anticipation of convening a SBREFA panel, the...more

CFPB Releases Fall 2015 Report Touting Recovery of Millions Through Supervisory Actions

by BakerHostetler on

On November 3, the Consumer Financial Protection Bureau (CFPB) released its fall 2015 supervisory report concerning enforcement actions from May 2015 through August 2015. The Bureau highlights violations in the mortgage...more

CFPB Singles Out Class Action Waivers for Elimination from Consumer Financial Arbitration Agreements

by Moore & Van Allen PLLC on

The Consumer Financial Protection Bureau (“CFPB”) made clear this week that, in its view, class action waivers should be on the chopping block in the agency’s upcoming rulemaking aimed at regulating the use of arbitration...more

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