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.
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.
CFPB and Open Banking: Searching for a Solution While Creating New Problems
The Consumer Financial Protection Bureau has released a new rule on open banking, a system which in theory is meant to help members, but in reality places undue burdens on financial institutions. Patrick Sickels and Jim Vilker cover the requirements of the rule and where it falls short.
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.
2024: What’s in Store for the Credit Union Industry?
As we step into 2024, David Baumann reports on where the industry is headed and what big moves from major players such as the NCUA, the newly formed America’s Credit Unions, Congress, and the CFPB we can expect.
Nussle Report Provides New Details on America’s Credit Unions
Following the formation of America’s Credit Unions, President and CEO of the organization, Jim Nussle, has spoken up about the group’s plans and goals moving forward, as well as how they are already advocating for credit unions within the industry. Emily Claus reports.
House Passes Resolution of Disapproval for CFPB’s Section 1071 Rule
The House has passed a resolution of disapproval for the CFPB’s rule on Section 1071 of the Dodd-Frank Act, which would require credit unions to collect data on certain applications for credit. Emily Claus reports on the rule and what the next steps are.
CUNA-led Litigation Results in Nationwide Stay of the CFPB’s 1071 Rule
Credit unions are now protected by a nationwide injunction preventing implementation of the Consumer Financial Protection Bureau’s Section 1071 rule, thanks to quick legal action by CUNA, Cornerstone League and Rally Credit Union of Corpus Cristi, Texas.
Economic Liberties Project: Junk Fees Create Unlevel Playing Field
Arguing that junk fees are not just annoying, but also create an unlevel playing field, the American Economic Liberties Project on Monday released model legislation that would provide Congress and state legislatures tools to tackle the issue, reports David Baumann of CUCollaborate.
CUNA Files for Preliminary Injunction of CFPB’s 1071 Rule for Credit Unions
The Credit Union National Association (CUNA), Cornerstone League, and Rally Credit Union filed to join an Emergency Motion for Preliminary Injunction in the U.S. District Court for the Southern District of Texas, seeking relief for credit unions from implementation of the Consumer Financial Protection Bureau’s section 1071 rule.
