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Banks Open Second Front in Assault on NCUA
Already defending itself against a suit challenging its member business lending rule, the credit union regulator now must grapple with a challenge to field of membership regulations. Some observers suggest the scope of the legal is unprecedented.   more »
WASHINGTON — The political independence of the Consumer Financial Protection Bureau may end not with a bang — after a protracted battle in Congress — but with a whimper, the victim of a bureaucratic rule that prevents the agency from appealing a pending court case to the Supreme Court. more »
Rising interest rates are a near certainty, analysts say, but plenty of unknowns remain, including how populist movements in Europe might impact the global economic picture. more »
Banking and credit union trade groups are urging Congress to consider repealing any upcoming Consumer Financial Protection Bureau rules governing arbitration, payday lending, debt collection and prepaid cards by using its authority under the Congressional Review Act. more »
As expected, the American Bankers Association has filed a legal challenge against the credit union regulator’s recent overhaul of FOM rules, even as the agency is working on additional reforms. more »
The Consumer Financial Protection Bureau and its director Richard Cordray are on a collision course with President-elect Donald J. Trump in what could become a legal showdown over the limits to executive power. more »
The Consumer Financial Protection Bureau is planning to finalize its rulemaking on arbitration in early 2017, though it is unclear if the controversial regulation can be completed before President-elect Donald Trump takes office. more »
While the designation of Ben Carson – noted neuroscientist and former GOP presidential candidate – to run the Department of Housing and Urban Development appears like an unusual choice, lenders are hoping he can bring a fresh perspective to the industry more »
Credit unions and banks in California plan to participate in a new working group that will focus on the cannabis industry's lack of access to the mainstream financial system, according to state officials. more »
Alliance is the third Texas credit union to convert to private share insurance in the last 18 months. more »
Steven Mnuchin's confirmation hearing is likely to be dogged by stories of homeowners who claim his bank, OneWest, illegally foreclosed on them. While the stories are unlikely to prevent President-elect Donald J. Trump's pick from being confirmed, it could weaken Mnuchin politically and rehash grievances from the financial crisis. more »
The consumer watchdog group cautioned FIs to beef up their compliance management systems, but some observers questioned whether credit unions — which generally have more consumer-friendly business practices — are in the clear or if there is still work to be done. more »
Despite a robust anti-money-laundering regime imposed on credit unions, banks and money services businesses in the U.S., a number of loopholes are allowing other companies to skate by without performing basic due diligence to curb the flow of illicit funds, according to a report by the Financial Action Task Force. more »
The Joy of Sox
Just in time for winter, South Dakota-based Highmark CU has completed its "Joy of Sox" sock drive to benefit the homeless.