There have been an increasing number of demand letters and lawsuits against businesses (colleges, retailers, hotels, and financial institutions) alleging that the businesses’ websites are not accessible to people with disabilities.
The Association sent a letter to the CFPB with three requests regarding upcoming TRID implementation, the most urgent of which is for a transitional implementation grace period through the end of the year.
On the eve of the implementation of new mortgage rules adopted by the Consumer Financial Protection Bureau, CFPB Director Richard Cordray thanked credit unions this week for taking “another critical step in the ongoing recovery of the housing market.”
The Consumer Financial Protection Bureau is expected to amend its mortgage rules in response to lender concerns. Lenders are expected to support the changes but may have concerns about meeting the implementation deadlines.
This week’s Senate confirmation of Richard Cordray to head the CFPB should guarantee credit unions and banks a level playing field with previously unregulated financial services providers. That is the perspective of a national consumer advocate interviewed by Anthem this week.
The anticipated announcement from the NCUA that a new risk based capital framework will be built for credit unions is included in our regulatory legal briefs this week. CFPB Director Richard Cordray’s remarks to the Senate and Federal Reserve Chair Ben Bernake’s address to the National Bureau of Economic Research Conference are included as well.
Cordray Nominated to Direct CFPB; Metsger’s NCUA Nomination Scheduled for Committee Discussion Thursday
Richard Cordray was nominated to officially head the CFPB Tuesday, while the US Senate Committee on Banking, Housing and Urban Affairs rescheduled its Executive Session to consider the nomination of Rick Metsger to serve on the NCUA Board. That discussion is now planned for Thursday.
NCUA Chairman Debbie Matz hosted a town hall with CFPB Director Richard Cordray Tuesday, addressing topics such as upcoming proposals, finalized rules and examinations.
A small group of Northwest credit union leaders met with CFPB Director Richard Cordray at the Seattle Central Public Library on Wednesday to learn more about the bureau’s operations and direction and to share concerns with the agency’s leaders.
The CFPB is no longer confining its attention to loans, as Wednesday, Feb. 22, marked the launch of the CFPB’s inquiry into checking accounts and overdraft protection programs.
The CFPB is not required to consider safety and soundness when taking regulatory action, but Cordray says the agency is working with other financial regulators to find a balance between protecting consumers and addressing safety and soundness concerns.
The weekly Regulatory Advocacy Update outlines the NWCUA’s efforts to reduce the regulatory burden on credit unions and protect the larger movement. Included here are updates on the CFPB, the NCUA, the Fed, and a new proposal from the Oregon DOJ.
Recently appointed as director of the CFPB, Richard Cordray tabbed Raj Date and Kent Markus as department heads within the newly-operational bureau.
The White House will install Richard Cordray as director of the CFPB after Congress failed to act on Cordray’s nomination, a move that NWCUA CEO John Annaloro described as “awakening a new beast” on the regulatory front.
The NWCUAâ€™s Regulatory Advocacy team works with state and federal regulators to help reduce the regulatory burden on credit unions and protect the credit union movement. Included here are updates on the CFPB and recent changes to the postal service.
The Senate Banking Committee held its first hearing on the nomination of Richard Corday as CFPB director, marking another much-talked-about step in a process that has already been controversial. Also outlined is the NWCUAâ€™s response to the NCUAâ€™s CUSO proposal.
CUNA urges the Consumer Financial Protection Bureau to ease the regulatory burden on credit unions.