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.
On Tuesday, July 18th, the House Financial Service Committee will hold a hearing to discuss climate-change policy issues and whether financial regulators such as the NCUA can remain politically independent on the topic, reports Emily Claus.
Per the Michigan Credit Union Act, all state-charted credit unions are required to use National Credit Union Share Insurance Fund (NCUSIF) as their deposit insurance provider. Julie Gessner argues this lack of choice only hurts members in the end and encourages legislative change.
House Financial Services Committee to Consider CFPB Reform Legislation Ahead of Supreme Court Review
Continuing the never-ending debate on the Consumer Financial Protection Bureau, the House Financial Services Committee has announced that it will consider new legislation that would completely overhaul the organization’s structure ahead of the Supreme Court’s review of the case, reports Emily Claus.
The House has passed the CUNA-supported Credit Union Board Modernization Act, which would alter the current board meeting requirements from monthly meetings to a minimum of six meetings per year. Emily Claus reports.
The leaders of the Senate Community Development Finance Caucus are questioning whether CDFI Fund officials are short-circuiting the regulatory process as they consider major changes to the program, reports David Baumann of CUCollaborate.
Representative Andy Barr, a Republican from Kentucky’s 6th district, was chosen to lead the Subcommittee on Financial Institutions and Monetary Policy, which was previously known as the Subcommittee on Consumer Protection and Financial Institutions, reports Esteban Camargo.