A panel of judges remained skeptical of claims by Leandra English, deputy director of the Consumer Financial Protection Bureau, that she is the rightful head of the agency. But they didn’t sound convinced that current acting Director Mick Mulvaney is, either.
National Credit Union Administration board member Rick Metsger says a federal judge overstepped the court's bounds when striking down portions of the agency's field-of-membership rule, but stopped short of saying the regulator planned to appeal the decision.
FIs say that an appeals court’s decision to ease restrictions will allow them to warn customers more easily when loans are past due or accounts have been compromised. But consumer groups argue that the decision gives financial firms license to market their products more aggressively and could lead to more harassing phone calls over unpaid debts.
The credit union is being sued by a member who claims the CU improperly charged him overdraft fees based on his available balance rather than his actual balance, thus triggering additional NSF charges.
The National Credit Union Administration’s defense of changes to a field-of-membership rule was challenged by a federal judge on Wednesday, suggesting an American Bankers Association lawsuit against the revisions may be successful.