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.
NCUA and CFPB Considering Overdraft, Late Fee Proposals
The NCUA has announced it will consider the long-dreaded proposals on changing the way credit unions charge late fees and overdrafts, reports David Baumann of CUCollaborate.
The House Financial Services Committee Approves Controversial Legislation to Limit Overdraft Fees
Last week, the House Financial Services Committee approved overdraft legislation which would limit the number of overdraft fees banks and credit unions can charge their clients. Emily Claus discusses the bill’s future and repercussions.
Pruning the Membership Tree
Not all growth is beneficial, and not all members are good for the credit union, argues data analyst George Hopper. But how best can you prune your membership tree without cutting off the wrong branches?
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.
Trust, But Verify: How Not to Potentially Lose Out on Thousands
Are you putting your credit union at risk for losing thousands of dollars? Cody Smith argues that failing to validate results after a software change is released can lead to big losses over time.
Why Don’t Credit Unions Tell Members How They Make Money?
My Beef with Credit Unions — In this new CUSO Magazine series, a long-time credit union member and industry insider vents about the decisions credit unions make in their day-to-day operations, and wonders why they take that strategy. In this first edition: why is fee income something to be ashamed of around members?
