Payday Lenders Oppose Quick Supreme Court Review of CFPB Ruling

Payday Lenders Oppose Quick Supreme Court Review of CFPB Ruling

David Baumann of CUCollaborate reports on whether the U.S. Supreme Court should rush a decision about whether to consider a federal appeals court ruling that found the funding mechanism for the CFPB unconstitutional.

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Congress Returns With Major CU Proposals Unresolved

Congress Returns With Major CU Proposals Unresolved

Congress returns to Capitol Hill this week with a long list of unresolved issues that could have a direct impact on credit unions—ranging from marijuana banking to credit card interchange policies, reports David Baumann of CUCollaborate.

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CFPB: Students Being Roped Into CU/Bank Accounts Marketed by Colleges

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.

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Are Overdraft Fees on the Chopping Block?

Are Overdraft Fees on the Chopping Block?

Overdraft and NSF fees have been in the CFPB’s spotlight of late. Jim Vilker suggests slowing down and considering the ramifications carefully before rushing to respond.

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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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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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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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CFPB: Crackdown on Overdraft Policies is Coming

CFPB: Crackdown on Overdraft Policies is Coming

The CFPB intends to crack down on financial institutions that charge the largest fees for overdrafts and is considering “a wide variety of regulatory interventions” to better supervise such fees, Director Rohit Chopra said.

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