Despite Supreme Court Ruling, CFPB Still Under Fire From Critics
Supporters of the Consumer Financial Protection Bureau may have hoped that the recent U.S. Supreme Court ruling finding its funding mechanism constitutional would calm its critics; David Baumann reports on why that hasn’t been the case.
States Weighing In on the Matter of Credit Union Purchases of Banks
State lawmakers in Colorado are doing something that members of Congress have refused to do. They have said that credit unions cannot buy banks. State legislators in Tennessee have said the same thing. David Baumann reports on the issue and whether other states may follow suit.
Supreme Court’s Rules in Favor of CFPB; Director Chopra Ramps Up Activity
Now that the Supreme Court has found the Consumer Financial Protection Bureau’s funding mechanism constitutional, Director Rohit Chopra is revving up the agency’s engines, reports David Baumann.
Appraisers Under Fire for Alleged Bias, Lenders On Notice
The issue of whether appraisers are guilty of racial and ethnic bias an important one, particularly since regulatory agencies have made it clear that lenders, including credit unions, are responsible for the accuracy of appraisals. David Baumann reports on the developments.
CFPB’s Credit Card Late Fee Rule Change Still Slated for May 2024 Despite Staunch Opposition
Opponents of the CFPB’s credit card late fee proposal are trying to shoot it down everywhere. So far, they are failing. The rule still is slated to go into effect next month. David Baumann reports on the latest developments.
Postal Service Banking Limps On Despite Lackluster Results of Pilot Program
US Postal Service advocates are still pushing the USPS check cashing service despite dismal results from the initial pilot, which they blame on poor scope and planning. But those in the bank and credit union industries still feel it’s unnecessary reports David Baumann.
Credit Union Acquisition of Community Banks Rising, But Still “Small Proportion of Overall Consolidation”
Credit union purchases of community banks is a hotly debated argument, with bank and tax advocates arguing that it’s time Congress reassess credit union tax exemption, but credit union advocates argue it’s a drop in the bucket of bank consolidation.
What to Expect from the Battle for NCUA Supervisory Powers Over Third-Party Vendors
The NCUA has been arguing for supervisory powers over credit union vendors for years now but has found little success with Congress; David Baumann investigates the pros and cons of such a change and what to expect in 2024.
NCUA lays out examiner priorities for 2024
David Baumann details the NCUA’s laundry list of examiner priorities for 2024 from interest rate risk to consumer financial protection, and what credit unions should be ready for.
CFPB’s Proposed Overdraft Fees Rule Lauded by Some, Condemned by Others
The CFPB’s proposed overdraft rule, which would affect the largest credit unions and banks, is praise from consumer rights advocates. Banks and credit unions, however, are standing united in opposing the rule, reports David Baumann.
