The Federal Credit Union Act was last rewritten in 1998 and it is sorely outdated for the 21st Century, Credit Union National Association President/CEO Jim Nussle told the Senate Banking Committee in a letter last week.
Citing deficiencies that National Credit Union Administration examiners found during the past year, board Chairman Todd Harper renewed his call Thursday for the agency to develop a separate consumer protection examination.
“We should be going in and looking at [credit union] consumer protection compliance systems,” Harper said, during his confirmation hearing before the Senate Banking Committee.
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
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.
President Biden on Friday announced his intention to nominate National Credit Union Administration Chairman Todd Harper to serve a full term on the agency board.
Republicans on the House Financial Services Committee are accusing Consumer Financial Protection Bureau Acting Director Dave Uejio of overstepping his authority by taking actions that traditionally would be reserved for a Senate-confirmed director.
President Biden last week announced his intention to nominate Acting Consumer Financial Protection Bureau Director Dave Uejio to a key position at the Department of Housing and Urban Development.
If confirmed by the Senate, Uejio would become HUD’s assistant secretary for fair housing and equal opportunity.
The House on Thursday passed a resolution that would kill the Office of the Comptroller of the Currency’s so-called “rent-a-bank” rule that allows banks and savings and loans to provide their charter to online lenders with annual interest rates exceeding 100%.
The heads of the U.S. financial regulatory agencies met with President Biden on Monday. Except for one: National Credit Union Administration Chairman Todd Harper, who an agency spokesman said was not invited and did not attend.
The House next week will consider a resolution that would rescind a Trump Administration rule by the Office of the Comptroller of the Currency that credit union trade groups contend allows predatory online lenders to “rent” a bank to evade consumer protection laws. “In order to rein in predatory lenders and ‘rent-a-bank’ schemes, S.J. Res. 15 would overturn a rule by the Office of the Comptroller of the Currency and allow states once again to regulate these lenders and protect consumers,” House Majority Leader Steny Hoyer (D-Md.) wrote in a letter to colleagues outlining the June House agenda. Republicans have