Blog
- Statement of CFPB Director Rohit Chopra, Member, FDIC Board of Directors, on Proposals to Prevent Bailout Risk and Guard Against Increased Concentration in Banking
October 20, 2022The Federal Deposit Insurance Corporation is taking an important step to reduce bailout risk among a group of systemically important financial institutions and guard against increasing concentration in banking. In conjunction with the Federal Reserve Board of Governors, the FDIC Board of Directors is issuing an Advanced Notice of Proposed Rulemaking to help prepare for a potential failure of a very large bank that isn’t one of the big Wall Street banks.
- Recession Fears Hit Risky Mortgage Debt Amid Default Concerns
October 19, 2022Investors are unloading securities sold by Fannie Mae and Freddie Mac that shift the risk of mortgage defaults away
from taxpayers, a sign of growing concern about defaults if rising interest rates cause a severe recession. The securities, called credit-risk transfers, could incur losses if rising defaults creep into the massive swaths of mortgage debt backed by the housing-finance giants. - League President Carrie Hunt Testifies at NCUA's Public Hearing on Budget Proposal
October 19, 2022League President/CEO Carrie Hunt testified Wednesday during an NCUA hearing on its 2023-2024 budget and the agency’s justification for its proposed expenditures.
- CFPB Research: Overdraft Fees and Economically Insecure Older Adults
October 19, 2022The Consumer Financial Protection Bureau has issued research that examines how overdraft fees affect economically insecure older adults.
- League, CUs Host Federal, State Regulators at CEO Forum
October 18, 2022Virginia’s credit unions and your League welcomed National Credit Union Administration Vice Chairman Kyle Hauptman and Virginia Bureau of Financial Institutions Commissioner Joe Face Jr. to an exclusive event today for CEOs from the Commonwealth’s credit unions with less than $100 million in assets.
- Fed's Waller 'Highly Skeptical' of Utility of a U.S. Digital Currency
October 17, 2022Federal Reserve Gov. Christopher Waller Friday methodically explained his opposition to the development of a U.S. central bank digital currency, taking aim at some arguments that his fellow board members had put forward in recent weeks.
- CUNA Files Brief Supporting Credit Union’s Use of Arbitration Agreement
October 17, 2022CUNA filed an amicus brief on behalf of Golden 1 Credit Union in a lawsuit, Burgardt v. The Golden 1 Credit Union. At issue is whether Golden 1 Credit Union can compel the plaintiff to arbitrate his claims. Golden 1 Credit Union’s membership agreement did not include an arbitration provision when the plaintiff joined, but Golden 1 later added it, and the plaintiff did not opt out. The plaintiff later filed a putative class action lawsuit in Sacramento, California related to non-sufficient funds fees.
- NAFCU Compliance Blog: CFPB Reports Market Research of BNPL Fintech
October 17, 2022The CFPB recently filed a market report summarizing data collected, following the issuance of market monitoring orders in December 2021 under its authority found in section 1022(c)(4)(B)(ii) of the Dodd-Frank Act. The report, issued in September, reviewed market practices and identified benefits of Buy Now, Pay Later (BNPL) loans “over legacy credit products” as well as risks posed to consumers who use BNPL products.
- League President Carrie Hunt Preparing to Testify Wednesday on NCUA Budget
October 17, 2022League President/CEO Carrie Hunt is preparing to testify Wednesday during an NCUA hearing on its 2023-2024 budget and the agency’s justification for its proposed expenditures.
- NCUA Board to Hear Cybersecurity, CLF Briefings Oct. 20
October 14, 2022The NCUA board will hear briefings on cybersecurity and the Central Liquidity Fund (CLF) at its Oct. 20 board meeting. The meeting will be streamed live starting at 10 a.m. via NCUA.gov.