Biden Names CU Executive Bill Bynum, Former CFPB Deputy Director Leandra English to Transition Team

President-elect Joe Biden on Tuesday appointed longtime credit union executive Bill Bynum and former Consumer Financial Protection Bureau Deputy Director Leandra English to his CFPB agency review team. The teams are designed to help ease the transition from Trump Administration agencies to Biden Administration agencies. The teams also include one that will examine the Federal Reserve, Banking and Securities Regulators. English is the team lead for the CFPB team. She served as deputy director of the CFPB under former Director Richard Cordray. Her appointment is likely a sign that Biden intends to re-invigorate the CFPB, which has tilted toward a

GAO Reports FDIC Vulnerable to ‘Regulatory Capture’—A Charge Often Leveled at NCUA

Bankers have long complained that the National Credit Union Administration is a cheerleader for the industry, but now one of their banking regulators is being accused of so-called “regulatory capture.”

In a new report, the Government Accountability Office said that the Federal Deposit Insurance Corporation failed to provide documentation necessary to demonstrate the objectivity of examiners.

Puerto Rico’s Cooperativas Resilient Despite Crisis, Lack of Oversight, Regulatory Board Says

Puerto Rico’s cooperativas—island guaranteed credit unions—have thrived despite repeated crises and poor supervision by its regulator, the territory’s oversight board said in a report last week. “The cooperative system proved to be resilient through…disasters and played an important role in enabling the recovery process to start,” the oversight board, created by Congress to oversee the island’s recovery from bankruptcy said in a fiscal report that must be prepared for all government agencies on the island. Puerto Rico has faced a fiscal crisis, devastating damage from hurricanes and now the coronavirus crisis. The oversight board has the responsibility of assisting the