FDIC: Percentage of Unbanked Households Dropped in 2021
Survey reveals less American households are without an account at either a bank or credit union, with the pandemic a main driver of the change, reports David Baumann of CUCollaborate.
CFPB: Students Being Roped Into CU/Bank Accounts Marketed by Colleges
CUCollaborate’s David Baumann reports some colleges and universities are roping students into opening credit union or bank accounts that have unreasonable fees and penalties, the CFPB said, in a report released late last week.
Congress Passes Funding, NFIP Extension, Goes Home with Work Undone
Congress managed to keep much of the federal government and the National Flood Insurance Program funded before leaving for the campaign trail last week but punted on many major issues—either preferring to consider them in a lame duck session or not at all, reports David Baumann of CUCollaborate.
NCUA Trying to Simplify CECL Calculations
The NCUA announced September 14 it has developed a tool that is intended to assist credit unions in complying with the new Current Expected Credit Loss (CECL) rule reports CUCollaborate’s David Baumann.
NYC Taxi Drivers Getting Relief from Loans Made by CUs, Others
CUCollaborate: Beleaguered New York City taxi drivers may finally be getting some debt relief from huge taxi medallion loans they took out from financial institutions, including two defunct credit unions reports David Baumann.
Here We Go Again—Flood Insurance Program Set to Expire
CUCollaborate: Credit union trade groups weigh in with NFIP once more set to lapse in September, writes David Baumann.
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.
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.
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.
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.
