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Missouri Credit Unions CFPB Meeting Following New Director Appointment

Jan
09

Missouri credit union leaders are scheduled to meet with members of the Consumer Financial Protection Bureau (CFPB) staff less than two weeks after President Barack Obama appointed Richard Cordray as CFPB Director.  The meeting will take place during the Missouri Hike the Hill on January 17.  Missouri representatives will meet with Elizabeth Vale, who heads CFPB’s efforts with credit unions and community banks.

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Posted By Anonymous (not verified) read more

Nonbank Supervision Program Launched by CFPB

Jan
07

On the heels of President Obama's recess appointment of Richard Cordray as the Director of the CFPB, the CFPB announced the launch of its nonbank supervision program. A link to the CFPB's press release is located here.

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CFPB Director Richard Cordray Reaches Out to CUNA/Leagues

Jan
07

The new Director of the Consumer Financial Protection Bureau Richard Cordray has contacted Leagues and others to begin a dialogue on key issues and concerns. Yesterday, CUNA staff attended a discussion by Director Cordray, who was appointed by President Obama in a recent recess appointment.

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ATM Fee Lawsuits on the Rise

Dec
22

 

Credit unions in Texas and Louisiana are facing lawsuits this month for failing to properly disclose ATM fees. New York resident Don Anderson is alleging violations of the disclosure provisions of the Electronic Funds Transfer Act (EFTA), also known as the Federal Reserve Regulation E. 

When credit unions charge a fee to a consumer using a non-credit union ATM network card or debit card, Section 205.16 of the EFTA requires:

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CFPB Begins Taking Whistleblower Tips

Dec
19

The Consumer Financial Protection Bureau (CFPB) has announced several ways that whistleblowers can alert the CFPB to potential violations of federal consumer financial laws.

“We are providing whistleblowers and other knowledgeable sources with a direct line of communication to the CFPB,” said Rich Cordray, assistant director of enforcement. “Their tips will help inform Bureau strategy, investigations, and enforcement. And they will help us fulfill our commitment to consumers.”

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Posted By Halley Hayden read more
Posted By Halley Hayden read more
Posted By Halley Hayden read more

CFPB Request for Comment on Private Student Lending

Nov
28

 

The Consumer Financial Protection Bureau (CFPB) has issued a notice and request for comment regarding private student loans made by credit unions and other not-for- profit and for-profit student lenders. CFPB is requesting this information in order to prepare a report to Congress

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CFPB Update

Nov
14

 

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MFOEL Championed by CUNA and CUNA Mutual

Nov
14

CUNA staff and representatives from CUNA Mutual attended a meeting held last week by the CFPB to discuss concerns relating to Multi-Featured Open-End Lending (MFOEL). Discussions with CFPB staff reiterated that there remains a large amount of confusion among both credit unions and examiners with respect to changes that were made to Regulation Z in a final rule published in January, 2009, for which compliance became mandatory on July 1, 2010.

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Posted By Halley Hayden read more

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