In a new data spotlight issued last week, the Consumer Financial Protection Bureau (“CFPB”) found that interest rates charged on credit cards issued by large banks are higher than interest rates charged on credit cards issued by smaller banks and credit unions. In a press release about the report, CFPB Director Rohit Chopra states that “the CFPB will be accelerating its efforts to ensure that consumers can access better rates that can save families billions of dollars per year.”… Continue Reading
credit unions
NCUA and CFPB sign MOU on improving collaboration
Posted in CFPB, Regulatory and Enforcement
On January 14, 2021, the NCUA and CFPB announced the agencies have entered into a memorandum of understanding relating to their joint supervision of federally insured credit unions over $10 billion in assets. The MOU seeks to “improve coordination, cooperation, and efficiency generally, and to reduce the burden to institutions and examination staff” by proactively sharing information and coordinating on examinations.… Continue Reading
NAFCU urges regulatory relief for credit unions in letter to Secretary of the Treasury Mnuchin
By Ballard CFS Group on
Posted in Federal Agencies, Regulatory and Enforcement
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 Secretary of the Treasury, Steven Mnuchin, in his capacity as Chairman of the Financial Stability Oversight Council (the “FSOC”), the voting members of which also include the Chairman of the Board of Governors of the Federal Reserve System, the Comptroller of the Currency, the Director of the Consumer Financial Protection Bureau (the “CFPB“), the Chairman of the Securities and Exchange Commission, the Chairperson of the Federal Deposit Insurance Corporation, the Chairperson of the Commodity Futures Trading Commission, the Director of the Federal Housing Finance Agency, the Chairman of the National Credit Union Administration (the “NCUA“) and an independent member with insurance expertise.… Continue Reading
Community bank and credit union trade groups raise concerns about CFPB’s payday lending proposal
By Barbara S. Mishkin 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 auto title loans, deposit advance products, and certain high-rate installment and open-end loans.
ICBA and CUNA state that the proposal “if finalized in its current form, would unquestionably disrupt lending by credit unions and community banks.” … Continue Reading