Links in “Credit Unions”
- Price Caps on Debit Card Fees Struck Down
In a move that could have a serious impact on small credit unions, a U.S. District Court in Washington, DC, struck down the Federal Reserveâs price caps on debit card interchange fees, with the judge stated that the Fed disregarded Congressâs intent; it is not certain yet whether the Fed will appeal the ruling, but the current price caps will remain in place for the interim time. [8/1]
- Student Loan Borrowers to Receive Interest Rate Relief
Yesterday, the House overwhelmingly approved a Senate bill that allows student loan interest rates to be set based on market rates, which will then be fixed for the term of the loan; bill also includes rate caps and is retroactive to student loans originated since July 1, 2013. [8/1]
- High-level Overview of New Mortgage Lending Rules
Although the ongoing tweaks to these rules make it a moving target, the new consumer residential mortgage lending rules require board and management attention sooner than later so that they can be implemented. [8/1]
- How Europe Is Handling Data Protection Compliance
The EU is working on two pieces of legislation: the Cybercrime Directive and the General Data Protection Regulation (GDPR), which, if passed, will have far-reaching consequences with severe penalties for non-compliance. [8/1]
- ChexSystem Reports Under the Microscope on NY Times’ Front Page
One mistakenly bounced check can prevent a consumer from being able to open a checking account; NYT article claims that over a million consumers, mostly low-income individuals, are being denied the ability to open basic checking accounts due to derogatory ChexSystem reports, forcing them to turn to more costly check cashing operations and other fringe service providers. [7/31]
- NCUA Proposes MDI Preservation Program
NCUA will establish Minority Depository Institution Preservation Program offering benefits to qualified FCUs. [7/31]
- Passing the Torch at NAFCU
Today the torch passes from Fred Becker, longtime President and CEO of NAFCU, to Dan Berger, currently the EVP of Government Affairs; Becker has been credited with successfully guiding the association through the past 13+ years. See also The Hill's take. [7/31]
- CU’s Offer of 0% Loan to State Legislators Getting Media Attention
Credit union will give Illinois legislatorsâwhose salaries were vetoed out of the budget in a tiff with governorâzero-interest loans worth half their paychecks. [7/31]
- Can an Institution Take a Garnishment Fee If It Creates a Negative Balance?
Short answer: no. But there is a short window of time when the financial institution may collect the garnishment fee if funds are deposited to the account. [7/31]
- Equifax Pays $18.6 Million for Incorrect Credit Report
Julie Millerâs problems began in 2009 when she was denied credit based on an unfavorable Equifax credit report that contained numerous errors, including an incorrect social security number and birthdate along with derogatory credit that did not belong to her; after eight unsuccessful attempts to dispute the incorrect information, she filed suit. [7/30]
