Payday Lenders Oppose Quick Supreme Court Review of CFPB Ruling

Payday Lenders Oppose Quick Supreme Court Review of CFPB Ruling

David Baumann of CUCollaborate reports on whether the U.S. Supreme Court should rush a decision about whether to consider a federal appeals court ruling that found the funding mechanism for the CFPB unconstitutional.

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Credit Union Trade Groups Endorse Proposed CUSO Rule While Consumer Groups Argue Would Authorize Predatory Lending

Credit Union Trade Groups Endorse Proposed CUSO Rule While Consumer Groups Argue Would Authorize Predatory Lending

Two stories from David Baumann of the Washington CU Daily: Saying that the NCUA’s current rule governing Credit Union Service Organizations is sorely outdated and hampers innovation, CUNA and NAFCU are calling on the agency board to finalize an updated regulation. The National Credit Union Administration’s proposed Credit Union Service Organization rule would allow CUSOs to become predatory payday lenders that could make loans that far exceed the interest rate in the Federal Credit Union Act, consumer groups are warning.

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