Blog
- CFPB Extends Opportunity for Public to Provide Input on 'Junk Fees' to April 11
March 28, 2022The Consumer Financial Protection Bureau (CFPB) announced Friday that it received a tremendous amount of feedback from its Request for Information on exploitive "junk fees." It also announced it's extending the deadline for the public to share input and stories on their experiences with exploitative junk fees through April 11, 2022. Learn more
- FDIC Advances Bank Merger Proposal
March 28, 2022The Federal Deposit Insurance Corp. has set the wheels in motion to publish its request for information on bank merger policy, putting the policy fight that led to the resignation of former Chair Jelena McWilliams back on the front-burner and eliciting a new round of industry reaction.
- Rep. Stephen Lynch Introduces Bill to Create Treasury-Issued Digital Currency
March 28, 2022Rep. Stephen Lynch, D-Mass., introduced a bill on March 28 that would create a Treasury-issued, hardware-secured digital currency, distinct from a central bank digital currency and capable of offline, peer-to-peer transactions without digital ledgers, blockchain, or accounts.
- 2021 HMDA Data on Mortgage Lending Now Available
March 25, 2022The Home Mortgage Disclosure Act (HMDA) Modified Loan Application Register (LAR) data for 2021 are now available on the Federal Financial Institutions Examination Council’s HMDA Platform for approximately 4,316 HMDA filers.
- CFPB Director Chopra Statement on Appraisal Task Force Report
March 25, 2022Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra issued a statement yesterday regarding the final report of the Interagency Task Force on Property Appraisal and Valuation Equity (PAVE).
- U.S. Senate Democrats Press Banks to Scrap Overdraft Fees
March 25, 2022A group of U.S. Senate Democrats is pressing large U.S. banks to scrap or significantly reduce overdraft and other fees they charge customers with insufficient funds.
- Declining Mortgage Affordability Quantified in New Index
March 25, 2022Affordability for home buyers decreased in February by 8.3% from the month before, according to a new monthly metric from the Mortgage Bankers Association that quantifies the change resulting from rising interest rates and higher home prices,
- CFPB Expands UDAAP Reach to Include Discrimination
March 25, 2022On March 16, 2022, the CFPB published a revised examination procedure guide (Guide) for unfair, deceptive, or abusive acts or practices (UDAAP). In its press release, the CFPB states that the agency is now targeting discrimination as an unfair practice in connection with all financial products and services and not just credit products. This is a serious change in the CFPB’s stance on UDAAP and discrimination. As such, credit unions may want to review the Guide and their own practices to understand how this change may affect their business.
- Risk Alert (22-RISK-01) Heightened Risk of Social Engineering and Phishing Attacks
March 24, 2022The ongoing conflict in Ukraine has raised concerns about potential cyberattacks in the U.S., including those against the financial services sector. All credit unions and vendors, regardless of size, are potential targets for cyberattacks. Read the Risk Alert
- Biden Warns Private Sector: ‘Harden Your Cyber Defenses Immediately’ and Prepare for Cyberattacks from Russian Government
March 23, 2022In stark language, President Biden urged U.S. businesses to prepare for potential cyberattacks from the Russian Government.