Credit union trade groups scored a victory last week, when the House Financial Services Committee pulled from a markup a bill that would regulate overdraft programs at credit unions and banks. Financial services trade groups, [...]
The Department of the Treasury's Community Development Financial Institutions (CDFI) Fund on Thursday opened its application round for the new Equitable Recovery Program (ERP). The program will provide about $1.73 billion in awards to [...]
Questioning whether the credit card late payment fees levied by credit unions and banks are reasonable, the Consumer Financial Protection Bureau (CFPB) announced Wednesday it is seeking comment on whether the charges are exorbitant. “I [...]
The Consumer Financial Protection Bureau (CFPB) will “dramatically” increase its use of regulatory guidance—a device that in the past has been sharply criticized by financial services trade groups and congressional Republicans. “The CFPB is [...]
Attempting to foster “relationship banking,” the Consumer Financial Protection Bureau is seeking comments on how responsive the largest credit unions and banks are to complaints from their members and customers. “We want to hear from [...]
A pilot program to survey credit unions about their examinations has been a success, National Credit Union Administration Ombudsman Shameka Sutton told the agency board Thursday. And Sutton said that the results of the survey [...]
The House on Wednesday passed legislation that would, among other things, allow all federal credit unions to expand their fields of membership to serve underserved areas. Voting 215-207, the House passed H.R. 2543—legislation [...]
The House Financial Services Committee on Tuesday will mark up legislation that would place limits on credit union and bank overdraft programs and expand the disclosures that consumers must receive about the programs. “Beginning in [...]
The House is preparing to consider legislation that would allow all credit unions to expand their fields of membership (FOM) to include underserved areas. The House Rules Committee has indicated it is likely to meet [...]
In an initial victory for credit unions, the draft defense authorization bill being marked up by the House Armed Services Committee subcommittees this week does not include a provision providing banks with the same free [...]
The Financial Crimes Enforcement Network (FinCEN) is soliciting comment on whether it should develop a process for issuing no-action letters when they are requested by financial institutions. “A no-action letter is generally understood to be [...]
Credit unions applying to expand their field of membership (FOM) are facing increasingly longer wait times for applications to be approved, according to data from the National Credit Union Administration (NCUA)’s Office of Credit [...]
Committees in both the House and Senate are scheduled to mark up their annual defense authorization bills in the next two weeks—annual events that inevitably cause a flare up of the battle between banks [...]
The Consumer Financial Protection Bureau (CFPB)’s decision to establish supervisory powers over nonbank financial institutions will level the playing field and subject those companies to much-needed scrutiny, credit union trade groups informed the agency [...]
The Treasury Department had good news and bad news for the Community Development Financial Institutions (CDFI) program on Tuesday. The good news: the program is growing in popularity, with 719 organizations applying for the CDFI [...]
