CFPB and Credit Unions Clash on Fee Income Reporting and Protections
In recent news on the never-ending clash between credit unions and the Consumer Financial Protection Bureau regarding fee income, credit unions are speaking out against new requirements making fee income public information, reports Emily Claus.
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.
GAO Says CDFIs Need Help, NCUA Making $3.4 Million Available to Low-Income-Designated Credit Unions Through CDRLF Grants
The Government Accountability Office recently published a study suggesting CDFIs and MDIs need more help acquiring and implementing technology to help low- and moderate-income communities; meanwhile the NCUA is opening its CDRLF grant program for 2024 to assist low-income-designated credit unions. CUSO Magazine’s Esteban Camargo reports.
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.
The Fight Against the CFPB’s Late Fee Rule Continues, But Not In Texas
In the latest update on pushback against the CFBP’s credit card late fee ruling, a Texas judge has rejected trade groups’ request for the suit to be filed in the lone star state—where the conditions are more favorable—instead of Washington D.C. Emily Claus reports.
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.
NCUA’s Released 2023 Q4 System Performance Data Continues Trend of Declining Credit Union Numbers
Last week, the National Credit Union Administration released the credit union system performance data for the fourth quarter of 2023. Esteban Camargo reports on some of the highlights from the report.
Key Takeaways from the 2024 Governmental Affairs Conference
Now that we’ve had some time to digest all the information we learned from the 2024 Governmental Affairs Conference, Emily Claus shares some of the key takeaways from the conference for your credit union to consider.
CFPB’s Contentious Credit Card Rule Will Face Stiff Challenge
On March 5, the CFPB issued its final rule governing credit card late fees, reports David Baumann.
Special Report from Day Four of the Governmental Affairs Conference
As the 2024 Governmental Affairs Conference comes to a close, Emily Claus reports on all the activity from the final day including advice from keynote speaker Shaun White, a conversation with NCUA Vice Chair Kyle Hauptman, and of course, the many criticisms of the CFPB.
