CFPB Task Force: Allow All Credit Unions to Serve Underserved Areas

A controversial Consumer Financial Protection Bureau task force on consumer financial law released its final report the day before a hearing about its makeup was to be held in a federal court in Massachusetts. Credit unions will like its recommendation that all credit unions be allowed to serve underserved areas. Consumer groups will object to many of the other recommendations and it is unlikely the Biden Administration will accept them.

Credit Union Trade Groups Accuse OCC of Short-Circuiting Regulatory Process

Credit union trade groups this week accused Acting Comptroller of the Currency Brian Brooks of skirting the rulemaking process in an attempt to allow risky fintech companies to expand their services. “Credit unions are concerned that non-regulated companies are engaged in financial activities by offering products and services that are traditionally offered by credit unions and banks,” CUNA President/CEO Jim Nussle told the House Financial Services task force on financial technology. “These non-bank providers often strive to offer these products and services without being subject to robust consumer protection laws and regulations in place for banks and credit unions.” Nussle