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Thursday, April 2, 2015
The Real Battle Over Payday Lending Has Just Begun
WASHINGTON — The Consumer Financial Protection Bureau's plans for revamping payday lending set off a fierce debate Thursday over whether the agency had gone too far or not far enough, proving that this is likely to be one of the trickiest rulemakings the agency will ever attempt.
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After releasing successive studies on the payday industry over the past two years, the Consumer Financial Protection Bureau is finally set to unveil Thursday sweeping proposals that could fundamentally change the business of short-term loans and other products. more »
Subprime auto lending has become a top priority for the CFPB, said Steve Antonakes, the agency's deputy director on Wednesday. He also revealed that it was open to making changes to its complaint portal, which the agency recently said would allow consumers to post detailed narratives of their problems with financial institutions. more »
As banks and alternative lenders start approving more small business loans, credit unions are facing growing competition for marketshare. more »
WASHINGTON — President Obama has directed the Department of Education and other agencies to institute changes meant to improve student loan servicing in an initiative the White House calls "a student aid bill of rights." more »
GREENVILLE, S.C. — Faced with soon-to-be non-existent investment income in 2009, Greenville Heritage FCU had two choices: hike fee income, or completely rebuild its loan program. more »
At least one of the major banks appears to be pulling back from auto lending, and credit unions may be well poised to pick up the slack. more »
WASHINGTON — Two senior members of the House Financial Services Committee on Monday introduced H.R. 1188, the Credit Union Small Business Jobs Creation Act, which would increase the member business lending cap for qualified credit unions to 27.5% from its current 12.25%. more »
Loan growth at federally insured credit unions reached a nine-year high in the fourth quarter of last year, while membership soared past the 99-million mark, according to a new report from the National Credit Union Administration (NCUA). more »
While credit unions have remained a strong player in this arena, bank lending to small businesses, moribund since the financial crisis, is finally starting to gather steam. more »
NCUA will join the U.S. Small Business Administration to present a webinar focused on small business lending. more »
SPRINGFIELD, Va. — The U.S. Small Business Administration signed a memorandum of understanding with NAFCU aimed at expanding American entrepreneurs better access to small-dollar business loans. more »
In a report that was inspired by numerous reports suggesting that a dangerous bubble is forming in the subprime auto loan market similar to the conditions that presaged the mortgage meltdown, Equifax Inc. seeks to debunk those claims. more »
WASHINGTON — The U.S. Small Business Administration (SBA) and NCUA have jointly announced a partnership aimed at encouraging credit unions to make more SBA-backed loans and urging small businesses to turn to CUs for such loans. more »
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Chicago Downtown Marriott
Chicago, IL
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Hyatt Regency
New Orleans
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Exit Interview
After 42 years at the credit union, outgoing Michigan State University FCU CEO Pat McPharlin recently looked back -- and forward -- in this brief interview one day before his retirement.
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