Court Upholds Payday Rule; Enforcement to Begin June 22
The Consumer Financial Protection Bureau will begin enforcing the payments section of its payday loan rule on June 13, 2022, agency Acting Director Dave Uejio said Tuesday.
CU Trades Endorse CFPB Bill That’s All But Dead
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
CFPB: Equal Credit Opportunity Act Prohibits Lenders From Sexual Orientation, Gender Identity Discrimination
The Consumer Financial Protection Bureau is issuing an “interpretative rule” that the Equal Credit Opportunity Act prohibits discrimination based on sexual orientation and/or gender identity. As an “interpretative rule” it will not be open for public comment and will become effective when published in the Federal Register. The CFPB then intends to take enforcement actions if the rule is violated.
Bankers & Credit Unions Fighting Again Over Field of Membership Rules
In December, the National Credit Union Administration approved a proposed rule that would expand credit union fields of membership. Bankers claim the rule would permit an illegal expansion of those fields.
Appeals Court Says CFPB Actions Are Legal, Despite Unconstitutional Structure
Seila Law had challenged the constitutionality of the structure of the Consumer Financial Protection Bureau and won in the Supreme Court. The Supreme Court returned the issue of the legality of the actions against Seila Law back to the appellate court. The CFPB just won that portion of the case in the 9th Circuit Court of Appeals.
Former NCUA Chairman and Senator, Roger Jepsen, Dies
Former Sen. Roger Jepsen (R-Iowa), who chaired the National Credit Union Administration board from 1985 to 1993, died Friday in Bettendorf, Iowa. He was 91. President Reagan nominated Jepsen as NCUA chairman after Jepsen was defeated by former Democratic Sen. Tom Harkin. Jepsen “was well-liked and respected in the credit union community,” NCUA Chairman Rodney Hood said. NCUA officials noted that Jepsen led the agency during a period of great change, which included the conversion of more than 400 state-chartered credit unions to federal insurance coverage, as well as the adoption of the CAMEL rating system. Jepsen also chaired the
Sen. Brown Blasts Kraninger’s CFPB Reorganization
With the election just weeks away, Kraninger has announced a significant reorganization of the Consumer Financial Protection Bureau. Sen. Brown charges the result of the reorganization will be to weaken the Bureau’s ability to protect consumers.
Payday Lenders Say CFPB Loan Rules Are Illegal
The Consumer Financial Services Association of America and a Texas trade group are arguing before a Texas federal judge that the Consumer Financial Protection Bureau’s payday loan rule should be invalidated because the Supreme Court declared the original structure of the CFPB unconstitutional.
CFPB Arguing That Unconstitutional Structure Shouldn’t Invalidate Old Decisions
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.
NCUA Board Approves Final Field of Membership Rule at July Board Meeting
The National Credit Union Administration board on Thursday approved a final Field of Membership rule that had been delayed as a result of a lawsuit filed by the American Bankers Association.
The board unanimously agreed to allow a credit union to file an application to designate a Combined Statistical Area, or a contiguous portion of it, as a well-defined local community. To qualify, that area would be required to have a population of under 2.5 million people.