The Consumer Financial Protection Bureau is asking at least three federal courts to affirm decisions the agency has made, even though the U.S. Supreme Court ruled earlier this summer that the structure of the agency was unconstitutional.
The Inspector General for the National Credit Union Administration found that the Share Insurance Fund is at risk because the NCUA does not have the power to supervise third-party vendors and Credit Union Service Organizations. The fix, according to the Inspector General, is that Congress pass legislation giving those supervisory powers to the NCUA.
Despite vehement opposition from much of the financial community, Acting Comptroller of the Currency, Scott Brooks, apparently is going ahead with his plan to issue narrow bank charters for activities such as payments.
The Democratic staff of the House Coronavirus Crisis Subcommittee issued a report on the Paycheck Protection Program. The report says the PPP has been plagued by waste and fraud and that both lenders and a lack of oversight from the Small Business Administration and the Treasury Department are to blame.
The National Credit Union Administration and the other banking regulators said Monday that they will be flexible in their regulation and supervision of financial institutions affected by the California wildfires and Hurricane Laura. In a joint statement, the agencies said they want to encourage institutions “operating in the affected areas to meet the financial services needs of their communities.” In the statement, the regulators said that financial institutions should work “constructively” with borrowers and pledged that prudent efforts to adjust or alter terms of loans will not be subject to examiner criticism. They added that “the agencies recognize that efforts
CUNA, NAFCU, and NASCUS raise concerns about exam consistency with the NCUA.
Credit unions and other businesses that must reach consumers still are having their automated phone calls blocked despite the urgency of their messages, groups representing the financial services, collections and healthcare management industries told the Federal Communications Commission Monday.
As many of you know, I used to cover Washington for the Credit Union Times. When the pandemic struck, the parent company furloughed all freelancers–including me. As all of us who have lived through the pandemic chaos also know, things change from day to day. Well, the Credit Union Times has offered me the opportunity to contribute stories once again. But who knows? Things may change again, so I’m not furloughing the Washington Credit Union Daily. I will continue to write about the regulatory, legislative and political developments affecting credit unions for both the Credit Union Times and the Washington
The Consumer Financial Protection Bureau may have rescinded large parts of its payday lending rule, but the parts that remain are “unnecessary, arbitrary, capricious, overreaching, procedurally improper, and substantially harmful to lenders and borrowers alike,” associations representing payday lenders said last week, in an amended suit challenging the rule.
The Consumer Financial Services Association of America and its Texas affiliate had challenged the strict payday lending rule issued during the Obama Administration in the U.S. District Court for the Western District of Texas in 2018.
The Consumer Financial Protection Bureau will now subject its important research to peer review examination, the agency announced last week.
While the announcement may seem innocuous, the agency’s review of key research—ranging from its regulation of arbitration agreements to payday lending—has been questioned in the past.