Consumer Finance Monitor Podcast Episode: Understanding the Credit Card Competition Act a/k/a Durbin 2.0
Consumer Protection and Safety and Soundness Perspective of Credit Union Regulation - The Consumer Finance Podcast
On August 7, the National Association of Federally-Insured Credit Unions (NAFCU) and the Credit Union National Association (CUNA) sent a joint letter to the Consumer Financial Protection Bureau (CFPB or Bureau) urging it to...more
The Consumer Finance Protection Bureau (“CFPB”) issued a long-awaited proposed rule that could significantly impact credit union operations and their third-party loan operating system vendors. The proposed rule, pursuant...more
Last week, the CFPB announced the appointment of new members to its advisory committees: Consumer Advisory Board (CAB), Community Bank Advisory Council (CBAC), Credit Union Advisory Council (CUAC), and Academic Research...more
The financial services industry had been waiting with bated breath to see how the Consumer Financial Protection Bureau (Bureau) would resume efforts to prescribe rules and give guidance to implement the far-reaching Section...more
Headlines - FDIC Adopts Final Rule Establishing Community Bank Leverage Ratio Framework OCC Issues Compliance Guidance on Registered Appraisal Management Companies CFPB Announces New Policies to Promote Innovation...more
This week the trade organization representing credit unions, the Credit Union National Association (CUNA), urged the director of the Consumer Financial Protection Bureau (CFPB) to delegate examination and enforcement...more
• The Economic Growth, Regulatory Relief and Consumer Protection Act (the Act), which engendered substantial bipartisan support and was recently signed into law by President Donald Trump, amends parts of the Dodd-Frank Wall...more
During the Trump Administration’s first year in office, it has implemented major new policy approaches and engaged in significant reversals of Obama Administration policies in many areas. In contrast, the Administration to...more
For the first time in my memory, the Congress passed a joint resolution to disapprove a final regulation of a federal agency—in this case the CFPB and the rule was related to arbitration clauses in contracts for consumer...more
The Senate Banking Committee has voted out of committee a bipartisan effort to ease Dodd-Frank regulations. The bill in question could “drastically cut” the number of banks subject to heightened Fed oversight and “would ease...more
"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
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
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
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
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
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
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
The Office of Inspector General for the Fed/CFPB has sent a memorandum to the CFPB, the subject of which is “The CFPB Can Enhance Its Process for Notifying Prudential Regulators of Potential Material Violations.” The memo...more
The CFPB adopted a final that allows the agency to supervise larger nonbank auto finance companies for the first time. The CFPB also released the examination procedures that its examiners will use. Currently, the Bureau...more
Under Dodd-Frank, the CFPB supervises depository institutions and credit unions with total assets of more than $10 billion, as well as certain nonbanks, regardless of size, including mortgage companies, originators, brokers,...more
The CFPB is seeking new members for its Consumer Advisory Board (CAB), Credit Union Advisory Council (CUAC), and Community Bank Advisory Council (CBAC). In a notice published in today’s Federal Register, the CFPB asks...more
In This Issue: Leading the Past Week; Budget Summary; Legislative Branch; Executive Branch; and Upcoming Hearings. Excerpt from Leading the Past Week - Congress returned from a two-week recess and the...more
On January 18, 2013, the Consumer Financial Protection Bureau (CFPB) issued a final rule (the Appraisal Rule) implementing an amendment to the Equal Credit Opportunity Act (ECOA) that revises Regulation B’s provisions...more