Links in “CFPB”

Gigi Hyland, Executive Director of the National Credit Union Foundation and former NCUA Board Member, warned a group of attendees at the CUNA GAC that over regulation on the part of the CFPB on overdraft accounts could result in credit unions eliminating overdraft services and driving consumers to payday lenders to meet short falls. On the other hand, Ms. Hyland also warned that many financial institutions, including credit unions, have relied too heavily on overdraft fee income rather than focusing on what’s best for individual consumers. [2/25/16]c

CFPB has just released a 1 hour 39 minute video of its 2/3/16 field hearing in Louisville, KY, on checking account access, including a speech by CFPB's director, Richard Cordray. [2/25/16]

Head of CFPB says new mortgage rules are working fine. Concerns that they would choke off credit were the result of "a cottage industry of lawyers and consultants" sowing fear. See also here. [2/24/16]

CFPB Director Richard Cordray complimented credit unions on their ability to service their members by providing "enormous value" to a members banking experience and always striving to be "consistent stewards of consumer interests." Following this, Cordray touches on future rulemaking proposals and explains why the CFPB has made proposals that do not expressly exempt credit unions. [2/24/16]

Small creditors may be able to avoid escrow account requirements for certain higher-priced mortgage loans in "rural areas." But the details of what defines a rural area are still being worked out. The CFPB welcomes your input. [2/24/16]

The CFPB announced two separate actions against Citibank for illegal debt sales and debt collection practices. The combined fiscal impact from refunds and fines total $53 million and are related to selling credit card debt with inflated interest rates, failing to forward consumer payments promptly to debt buyers and falsification of court documents filed in debt collection cases in New Jersey state courts. [2/24/16]

With the financial markets in disarray, the Federal Reserve predicting that rates won't raise till at least 2018, and the CFPB setting their cross-hairs on overdrafts, what opportunity will present itself within all this chaos? As Niccolo Machiavelli said, "never waste the opportunity offered by a good crisis." [2/23/16]

In an op-ed featured in CUToday, CUNA Chief Advocacy Officer Ryan Donovan presented his opinions regarding certain CFPB rules involving mortgage lending. These adjustments would provide credit unions with the needed relief to service their members in a better capacity and prevent negative choices that currently impose themselves on financial institutions. [2/23/16]

In a recent speech, the director of the CFPB reiterated that the bureau is continuing to consider a proposal to prevent financial institutions from using "free pass" arbitration clauses that would prevent consumers from bringing class action lawsuits. [2/23/16]

When it comes to protecting against debt-collection abuses, the FTC wants you to know it has been busy. From filing amicus briefs, to consulting with the CFPB in connection with upcoming rulemaking, to its 18 debt collection cases (a new best), to launching 12 new enforcement actions under "Operation Collection Protection," there is much to be done in the world of shady debt-collection practices. [2/23/16]