NCUA Signs Cooperation Agreement With CFPB, but Won’t Release Document

After signing a memorandum of understanding the National Credit Union Administration and Consumer Financial Protection Bureau announce that they will do a better job of coordinating the consumer protection supervision of credit unions with more than $10 billion in assets. To independently confirm that, you will have to file a Freedom of Information Request as they are not releasing the memorandum to the public.

CFPB Task Force: Allow All Credit Unions to Serve Underserved Areas

A controversial Consumer Financial Protection Bureau task force on consumer financial law released its final report the day before a hearing about its makeup was to be held in a federal court in Massachusetts. Credit unions will like its recommendation that all credit unions be allowed to serve underserved areas. Consumer groups will object to many of the other recommendations and it is unlikely the Biden Administration will accept them.

Kraninger Attempting to Keep Imprint on CFPB Even if She Is Fired

Consumer Financial Protection Bureau Director Kathleen Kraninger has appointed five new members of her executive team, less than two months before she can expect to be removed from her position by the new president. In addition, she released a new advisory opinion policy that the new administration may not like. The Trump Administration is trying to make the CFPB more corporate-friendly before the Biden Administration takes over and attempts to return it to a strict regulatory agency protecting consumers.

Watchdog Group Calls for Overhaul of Two CFPB Rules

The incoming Biden Administration must “urgently” act to reverse the Consumer Financial Protection Bureau’s payday lending and debt collection rules, the government watchdog group, Accountable.US said last week. “Over the course of the past four years, the Trump administration has enacted corrupt and harmful policies across environmental, immigration, economic, and many other issues for special interests, many with close ties to the Trump administration, that will negatively impact generations of Americans,” the group said, in announcing the first five rules it wants the administration to overhaul. “To help reverse the damage done, we’re tracking key policies that the next administration

Community Group Files Suit Challenging CFPB Revised Payday Loan Rule

The National Association for Latino Community Asset Builders filed suit in U.S. District Court against the Consumer Financial Protection Bureau, demanding that the original payday lending rule be restored. The lawsuit specifically targets the no-underwriting lending portion of the rule, saying that it helps lenders, not consumers, contrary to the consumer protection mission assigned to the CFPB.