Colorado Attorney General Phil Weiser recently announced that three Colorado-chartered credit unions had entered into Assurances of Discontinuance (AODs) with the Colorado Administrator of the Uniform Consumer Credit Code (UCCC) to resolve the issues between the Administrator and credit unions concerning whether the credit unions had failed to make refunds of unearned fees for Guaranteed Automobile Protection (GAP) as required by the Colorado UCCC. … Continue Reading
DOJ seeks dismissal of credit union’s SDNY lawsuit challenging Mulvaney’s appointment as Acting CFPB Director
On December 22, 2017, the Department of Justice responded to the preliminary injunction motion (“PI motion”) filed by the Lower East Side People’s Credit Union (“People’s”) in its lawsuit challenging Mick Mulvaney’s appointment as CFPB Acting Director. People’s lawsuit was filed in the U.S. District Court for the Southern District of New York after Leandra English, Cordray’s choice for CFPB Acting Director, filed her lawsuit in the U.S.… Continue Reading
CFPB Credit Union Advisory Council to meet Sept. 1
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 capability and debt collection. Presumably, the CFPB will seek input from CUAC members on the debt collection proposals it is considering, which it outlined last month in anticipation of convening a SBREFA panel.… Continue Reading
CFPB Credit Union Advisory Council to meet on March 24
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 will be a discussion on preventing elder financial abuse.
At last month’s meeting of the CFPB’s Consumer Advisory Board, there was also a session devoted to the CFPB’s strategic outlook. … Continue Reading
CFPB to hold Oct. 1 Credit Union Advisory Council meeting
The CFPB has announced that it will hold a meeting of its Credit Union Advisory Council on October 1, 2014. The meeting will be take place in Washington, D.C. and Director Cordray is scheduled to attend. According to the agenda, the meeting topics will be overdrafts and consumer complaints. Attendance requires an RSVP.… Continue Reading
Qualified mortgage remorse?
Could the CFPB be worried that its ability-to-repay/qualified mortgage rule is already contracting the availability of mortgage credit? In his remarks earlier this week to the Credit Union National Association, Director Richard Cordray told mortgage executives that “the current mortgage market is so tight that lenders are leaving good money on the table by not lending to low-risk applicants seeking to take advantage of the current favorable interest rate climate.” … Continue Reading
Reader of CFPB Monitor reports on April 13 Richard Cordray Q&A with SD community bankers and credit unions
We received an email from one of our readers, reporting on a recent meeting between CFPB Director Cordray and representatives of the South Dakota banking and credit union industries. We very much appreciate the report and encourage other readers to share their observations with us. Topics addressed in the meeting included the impact of consumer regulation on small banks and the ability to provide financial products and services; competition between community banks and credit unions and large banks; regulatory uncertainty regarding new products; the need for payday loans or payday loan alternatives; and preparations for going after payday lenders (presumably only lenders deemed to be in violation of UDAAP or other laws).… Continue Reading