The Government Accountability Office has renewed its recommendation that Congress consider consolidating financial regulatory agencies, including the National Credit Union Administration, in an effort to improve oversight of financial institutions. In its annual report issued last week on duplicative and overlapping programs, the GAO said that the fragmented organization of the regulators results in inconsistent enforcement of federal rules and consumer protection. “Without additional actions, fragmentation and overlap in the financial regulatory structure will continue to create challenges related to the efficient and effective oversight of financial institutions and the consistency of consumer protections,” the GAO said. GAO has made
A bipartisan group of senators has introduced legislation that would prohibit the garnishment of economic impact payments that individuals received from the federal government.
Financial trade groups, including the Credit Union National Association and the National Association of Federally-Insured Credit Unions, are renewing their push to convince the Federal Communications Commission to allow financial institutions to use automated telephone calls to reach consumers during the coronavirus crisis.
National Credit Union Administration Chairman Rodney Hood defended his decision Thursday to bring a final overdraft rule change to the board, saying he still believes the plan, which was tabled, is needed.
And he reserved the right to bring the plan back to the board for another vote.
In a startling turn of events, the National Credit Union Administration board tabled a final rule Thursday that would have allowed credit unions more flexibility in deciding when to require members to settle overdrafts.
Amid the pandemic crisis, credit unions and banks should offer members and customers safe short-term, small-dollar loans that would mitigate the need for borrowers to re-borrow to repay loans, federal banking regulators, including the National Credit Union Administration, said Wednesday.
“Federally supervised financial institutions are well-suited to meet the credit needs of customers affected by the current COVID-19 emergency,” the NCUA, Federal Deposit Insurance Corporation (FDIC), the Federal Reserve Board and the Office of the Comptroller of the Currency said in a joint statement.
A public-private partnership plan to help debt-burdened New York City taxi drivers is being revived by a city councilman and the founders of a mobile app designed for the taxi industry.
NCUA Chairman Rodney Hood announced Tuesday the establishment of an agency Culture, Diversity, and Inclusion Council.
The Federal Reserve has no plans to reinstitute a rule that limits consumers to six transactions a month from their savings account.
Last month the Fed released an interim final rule revising so-called “Regulation D,” which imposed the limit. At the time, Fed officials indicated the rule was being loosened because of the coronavirus crisis. Consumers likely have a more urgent need for access to their funds by remote means, the Fed said.
CFPB Director Kathy Kraninger defended her agency’s payday loan rulemaking process on Monday, disputing claims that political appointees at the bureau have played an inappropriate role in deciding whether the strict rule should be repealed.