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.

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

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.