The bank faces mounting pressure after employees reportedly set up as many as 1.5 million unauthorized accounts and applied for 565,000 credit cards without their customers’ consent.
With the end of the regular session just three weeks away, the Washington State Legislature will now move to floor action, as committees not tied to implementing the budget have held their final hearings for the session.
Two NWCUA-sponsored bills addressing credit unions’ corporate governance, investments and capital, have been referred to committees in the Washington State Legislature, with each scheduled for a hearing during Thursday’s Credit Union Day at the Capitol.
Earlier this week, the CFPB posted four final rules (one interim) dealing with its procedures and practices related to enforcing consumer financial law.
With Congress returning from a week-long district work period, CUNA called on credit unions Monday to keep up the pressure and continue to urge Congress to support increased MBL authority for credit unions.
This Oregon legislative update explains the interim hearings held last week by the Oregon Legislature. With a focus on legislation geared toward job creation and small-business support, the legislature also announced a number of changes to House leadership.