NAFCU watching Wells Fargo, Yellen hearings this week

NAFCU this week will closely monitor two House Financial Services Committee hearings, one on Wells Fargo’s creation of more than 2 million unauthorized accounts and another on Federal Reserve Chair Janet Yellen’s testimony on the Fed’s role in bank supervision and regulation.

Also this week, NAFCU’s regulatory affairs team will lead a webcast Thursday, “What’s New and What’s Next with NAFCU’s Regulatory Affairs Team,” delivering updates on recent rulemakings from the CFPB, NCUA and other regulators. The team will also note expected rulemakings that will affect credit unions’ compliance and lending departments.

And don’t forget, NAFCU’s third-quarter member call-in is Wednesday, featuring industry updates from NAFCU President and CEO Dan Berger, and other senior staff. This call will include CFPB staff and will address, among other things, the Wells Fargo scandal and other important industry news. Registration is free, but required.

Thursday’s hearing on Wells Fargo is expected to be much like the Senate Banking Committee hearing held Tuesday on the bank’s actions. During that hearing, John Stumpf, Wells Fargo’s chairman and CEO, faced hours of intense grilling and criticism.

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