Credit Union Trade Groups Endorse CFPB Advisory Opinion Plan; Consumer Groups Oppose It

A Consumer Financial Protection Bureau proposal to allow financial services providers and trade groups to apply for advisory opinions would help bring more certainty to the regulatory process, credit union trade groups said last week.

A coalition of consumer groups warned that the proposal would circumvent the regulatory process that is designed to protect consumers.

Consumer Group Calls for Overdraft Moratorium During Pandemic; Affiliated Credit Union Only Offers Partial Waiver

Financial regulators, including the National Credit Union Administration, should “do the right thing” and prohibit banks and credit unions from charging any overdraft or insufficient fund fees during the pandemic, the Center for Responsible Lending said in a new report Wednesday.

But a credit union affiliated with the center is not following that recommendation and is only waiving insufficient fund fees for up to two items a month.