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.
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.
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.
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.
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.
House Financial Services Dems Push for $8.5 Million Boost for Credit Union Community Development Fund
David Baumann of the Washington CU Daily reports that the Democrats on the House Financial Services Committee out-voted the Republicans to pass the Views and Estimates Report, which contained requests to congressional budget writers for an $8.5 million increase for the National Credit Union Administration’s Community Development Revolving Loan Fund in FY22. It also contained strong support for the Consumer Financial Protection Bureau.
Biden Names CU Executive Bill Bynum, Former CFPB Deputy Director Leandra English to Transition Team
President-elect Joe Biden has appointed his Consumer Financial Protection Bureau transition team and his Federal Reserve, Banking and Securities transition team, reports David Baumann of the Washington Credit Union Daily.
Names Circulating for Biden’s CFPB, as NCUA Board Membership Remains Uncertain
With the election, change is coming to the NCUA and the CFPB, says David Baumann of the Washington CU Daily. Biden is expected to remove the current CFPB Director Kathy Kraninger and there are seven names that come up often as possible replacements. The party balance of the NCUA is going to be determined by the Senate, although Biden may change the chairman.
