CU Trades Endorse CFPB Bill That’s All But Dead

Credit union trade groups once again are pushing a bill that would convert the Consumer Financial Protection Bureau into a five-member commission—a measure that has slim chances of being enacted in a Democratic-controlled Congress. The National Association of Federally-Insured Credit Unions and the Credit Union National Association joined banking trade groups and a group representing the payday lending industry in endorsing H.R. 4773, which was introduced by Rep. Blaine Luetkemeyer, R-Mo., the ranking Republican on the House Financial Services Committee’s Consumer Protection and Financial Institutions Subcommittee. The legislation has long been a Republican talking point. However, House Financial Services Chairwoman

DOJ Endorses Interchange Rule that Credit Unions Hate

A fight is brewing between the Biden Administration and credit union trade groups over a Federal Reserve proposal to require financial institutions to give merchants a choice of debit card networks for online transactions and other purchases when consumers do not physically present their debit cards.

The Justice Department this week threw its support behind the Fed’s proposed rule, saying it would enhance competition and save consumers money. Credit union trade groups, on the other hand, said that the proposal would increase compliance costs, while not passing any savings on to consumers.

Harper Nomination: Unprecedented. But is It Illegal?

President Biden’s decision to renominate National Credit Union Administration Chairman Todd Harper for a full term on the agency board is unprecedented, several sources in the credit union community said Monday.

Four sources said that Harper’s nomination is not only unprecedented, but that under past interpretations of the Credit Union Act, it might be considered illegal.