The Expanded Role of the CFPB in the Biden Administration

The Expanded Role of the CFPB in the Biden Administration

From overdraft policies to Buy Now Pay Later contracts, the CFPB during the Biden administration has taken action against those businesses that CFPB officials say are taking advantage of consumers. David Baumann shares some insights on what the CFPB has been focused on, and how interested parties have responded.

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CU Trades Ask CFPB to Regulate Buy Now Pay Later Firms

CU Trades Ask CFPB to Regulate Buy Now Pay Later Firms

Contending that the programs are growing tremendously and are largely unregulated, credit union trade groups are calling on the Consumer Financial Protection Bureau to set rules for Buy Now Pay Later programs being offered by relatively new financial companies, reports David Baumann.

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NCUA Board Treads Lightly on Climate Change Risks

NCUA Board Treads Lightly on Climate Change Risks

Under fire from farm state elected officials, the National Credit Union Administration board emphasized at its March meeting that the agency will not micromanage credit union policies as credit unions consider the risks of climate change. Other issues were also discussed, reports David Baumann of the Washington Credit Union Daily.

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House Dem Credit Union Bill Has Bankers, CUs Fired Up

House Dem Credit Union Bill Has Bankers, CUs Fired Up

As the House Financial Services Committee prepares to consider legislation that would allow all federal credit unions to add underserved areas to their fields of membership, the war of words between banks and credit unions has ratcheted up once again, reports David Baumann of the Washington Credit Union Daily.

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Funding Deal: $295 Million for CDFI; Easier Ouster of CU Members

Funding Deal: $295 Million for CDFI; Easier Ouster of CU Members

House and Senate appropriators have reached agreement on an FY22 government funding package that would provide a $25 million boost for the Community Development Financial Institution program and make it easier for credit unions to expel members, reports David Baumann of the Washington Credit Union Daily.

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NCUA Issues Cybersecurity Warning Following Russia Invasion of Ukraine

NCUA Issues Cybersecurity Warning Following Russia Invasion of Ukraine

The NCUA, the Cybersecurity and Infrastructure Security Agency, the FBI, and the National Security Agency are urging credit unions to “adopt a heightened state of awareness” of possible cyber threats posed by Russia following its invasion of Ukraine, reports David Baumann of the Washington Credit Union Daily.

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NCUA Board: Share Insurance Fund Remains Healthy

NCUA Board: Share Insurance Fund Remains Healthy

The National Credit Union Administration’s Share Insurance Fund remains strong even though the agency’s equity ratio is below the normal rate set by the NCUA board, Eugene Schied, the agency’s CFO said during the February NCUA board meeting. Other issues were also discussed, reports David Baumann of the Washington Credit Union Daily.

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Credit Union CEO Asks Congress to Boost CDFI Funding, Simplify Application

Credit Union CEO Asks Congress to Boost CDFI Funding, Simplify Application

David Baumann of the Washington CU Daily reports that Congress should increase funding for the Community Development Financial Institutions program and make it easier for credit unions and banks to become certified, Jeanne Kucey, chief executive officer of the JetStream Federal Credit Union told a Senate Subcommittee.

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House Passes Marijuana Banking Measure for Sixth Time

House Passes Marijuana Banking Measure for Sixth Time

The House passed marijuana banking legislation for the sixth time, sending it to the Senate, where its fate remains uncertain, reports David Baumann of the Washington Credit Union Daily.

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CFPB to Consumers: Tell Us About ‘Junk Fees’

CFPB to Consumers: Tell Us About ‘Junk Fees’

The Consumer Financial Protection Bureau is directly appealing to consumers to provide details about so-called “junk fees” they have been charged by financial services providers, reports David Baumann of the Washington Credit Union Daily.

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