Credit unions part of CFPB’s ITT loan complaint
by. Michael Muckian
The Consumer Financial Protection Bureau’s formal complaint filed earlier this year against ITT Educational Services Inc. has unexpectedly caught a credit union CUSO in its wake.
Now, six CUSO member institutions may be coming under closer scrutiny for what the complaint says are the for-profit financial institution’s deceptive and abusive actions and corresponding violations of both the Truth in Savings Act and Part 1026 of Regulation Z.continue reading »