Blog
- CFPB Mischaracterizes Many Financial Services Fees in RFI
April 13, 2022CUNA strongly objects to the Consumer Financial Protection Bureau’s (CFPB) classification of a broad range of common financial services fees as “junk fees,” it wrote Monday. CUNA responded to a CFPB request for information (RFI) on fees imposed by financial services providers. So did your League.
- NCUA Webinar on Overdraft Programs
April 13, 2022Last week, NCUA hosted a webinar to discuss overdraft programs and alternatives. At the start of the webinar, chairman Harper explained how heavy reliance on overdraft programs can harm members, especially during the pandemic when some members had changes in their account use and deposits. Harper also made it clear that a complete discontinuance of overdraft programs was not necessarily the best fit for all credit unions, but encouraged credit unions to review how these programs are used ... Learn more
- NCUA Board Approves Proposed Rule to Recognize Electronic Pleadings and Communications
April 13, 2022NCUA identified sections of the Uniform Rules that should be modified to recognize electronic pleadings and communications in administrative hearings and other sections that require modification based on the experience of the agencies in administrative litigation.
- League's Comment Letter to CFPB on Fees: CUs' Fees Represent Cost of Doing Business, Some Fees Already Regulated
April 11, 2022We filed a comment letter today noting our concerns that the CFPB is attempting to move the financial service market towards a regime where all fees are included in the cost of credit. We believe this major market shift requires significant study, given that it would have a negative impact on credit unions and their members.
- CFPB Director Chopra Addresses Community Bank, Credit Union Advisory Councils
April 11, 2022The Consumer Financial Protection Bureau (Bureau) held a joint meeting of its Community Bank Advisory Council and Credit Union Advisory Council last week. "Restoring relationship banking in the age of digitization is a key priority for the CFPB," Chopra said. "How can we preserve the benefits of local knowledge and direct customer relationships in a world where scale and automation feel like a business imperative to remain viable? How do we make sure that technology can be a vehicle to create more competitive intensity, rather than reinforce the power of dominant incumbents?" Learn more
- Carrie's Latest Blog Post: Dolly Parton, Overdraft Programs and the Credit Union Mission!
April 8, 2022Dolly Parton, Overdraft Programs and the Credit Union Mission! In her latest blog post, League President/CEO Carrie Hunt discusses the lessons we can learn from Dolly in staying on brand -- in particular, the importance of staying on brand in the face of growing attacks on overdraft protection programs and fee income, in general. Lawmakers and regulators intitially targeted big banks and their well-documented abuses. Unfortunately, we're being unfairly tarred with the same brush ...
- League Notes Member Demand, Benefits of CUs' Overdraft Protection Programs
April 8, 2022Your League has filed a letter for the record with the House Financial Services Subcommittee on Consumer Protection and Financial Institutions, following a hearing last week on overdraft protection programs.
- Yellen Calls for 'Comprehensive' Crypto Regulations
April 7, 2022Treasury Secretary Janet Yellen outlined the Treasury Department’s approach to regulating digital assets, marking the first time she’s substantially laid out her thoughts on the issue since President Biden’s executive order last month.
- Toomey Unveils Stablecoin Bill Granting OCC Authority for Payments Charter
April 7, 2022The top Republican on the Senate Banking Committee unveiled legislation that would create a new federal license for stablecoin issuers and set baseline standards for consumer protection.
- Big Changes for Credit Union Financial Reporting in 1Q2022
April 6, 2022Credit unions are facing hundreds of changes to their financial reporting in the first quarter of 2022, as a call report restructured by the National Credit Union Administration takes effect.