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.
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.
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.
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.
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.
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?