CFPB, Federal Agencies, State Agencies, and Attorneys General
Todd Harper and Tanya Otsuka will not be reinstated to the NCUA board while the District of Columbia Court of Appeals considers whether their firing by the Trump Administration is illegal, a panel of the court has decided.
The two already had been barred from the board through a temporary administrative hold, pending further court order.… Continue Reading
The reinstatement of two Democratic NCUA board members has been put on hold by the U.S. Circuit Court of Appeals for the District of Columbia.
In a short order, a three-judge panel of the court ruled that the reinstatement of Todd Harper and Tanya Otsuka should be paused, at least temporarily.… Continue Reading
Two reinstated National Credit Union Administration (NCUA) board members participated in a board meeting on July 24, even as the Supreme Court signaled that three Democratic members of the Consumer Product Safety Commission (CPSC) could be fired without cause in the context of granting a stay of a lower court order reinstating them to CPSC.… Continue Reading
A Federal Judge has ruled that two NCUA board members were illegally fired by President Trump and has restored their positions on the board.
Judge Amir H. Ali, of the U.S. District Court for the District of Columbia said that Democrats Todd Harper and Tanya Otsuka could only be removed for cause.… Continue Reading
Banks and credit unions may now rely on third parties to provide a consumer’s Social Security or Taxpayer Identification Number, according to an order issued by the FDIC, OCC and the NCUA with the consent of the Financial Crimes Enforcement Network (FinCEN).
The Customer Identification Program Rule (“CIP rule”) implements part of the USA PATRIOT Act.… Continue Reading
In a move that could have ramifications for lawsuits filed by former FTC and NCUA board members, by a vote of 6-3 the Supreme Court has issued a stay that prohibits the Democratic members of the National Labor Relations Board and the Merit Systems Protection Board who were fired by President Trump from continuing to serve while challenging the legality of their removal.… Continue Reading
The two Democratic NCUA board members ousted by President Trump have filed suit, arguing that their firings violated federal law.
Todd Harper and Tanya Otsuka filed suit in the U.S. District Court for the District of Columbia, naming President Donald Trump, Treasury Secretary Scott Bessent, NCUA Chairman Kyle Hauptman and others as defendants.… Continue Reading
Chairman Kyle S. Hauptman announced that the National Credit Union Administration (NCUA) will no longer publish overdraft and non-sufficient fund (NSF) fee income for individual credit unions with more than $1 billion in assets. Instead, under the new policy effective with the March 31, 2025 call reporting, the NCUA will collect the data during supervisory examinations.… Continue Reading
Saying that independent agencies “have exercised enormous power over the American people without Presidential oversight,” President Trump has issued an Executive Order placing those agencies under his control.
While Trump specifically mentioned the FTC, FCC and SEC, the definition of “agency” used in the order also includes such financial regulators as the FDIC, OCC, CFPB and NCUA.… Continue Reading
The National Credit Union Administration has issued guidance to federal credit unions regarding the consumer harm stemming from certain overdraft and non-sufficient funds (NSF) fee practices. The NCUA will continue to review credit union overdraft programs and will pay particular attention to overdraft fees for authorize positive and settle negative transactions and NSF fees for represented items, NCUA Chairman Todd Harper recently warned credit unions.… Continue Reading
