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Updated: 18 min 44 sec ago

FHFA breaks silence on housing finance reform

Wed, 01/17/2018 - 5:25pm
FHFA Director Mel Watt said Fannie Mae and Freddie Mac should be reincorporated as private entities and the government must provide an explicit guarantee for catastrophic losses in the secondary mortgage market.
Categories: Credit Union News

Not so fast: CFPB effort to reopen payday rule faces hurdles

Wed, 01/17/2018 - 5:25pm
The Consumer Financial Protection Bureau faces significant obstacles in reopening the payday lending rule including likely legal challenges and a lengthy compliance process with the Administrative Procedure Act.
Categories: Credit Union News

Reg relief may have to get in line behind other issues: Trump official

Wed, 01/17/2018 - 4:25pm
Mark Calabria, chief economist to Vice President Mike Pence, said passage of the regulatory relief bill could be delayed as policymakers deal with other items such as budget deadlines and an infrastructure bill.
Categories: Credit Union News

LA Police FCU names new CEO after longtime leader retires

Wed, 01/17/2018 - 4:25pm
Edwin Hada succeeds retired CEO G. Michael Padgett, who served LAPFCU for more than three decades. Hada spent more than 10 years as SVP/CFO at the credit union.
Categories: Credit Union News

Mulvaney launches public review of entire CFPB

Wed, 01/17/2018 - 2:25pm
Acting CFPB director Mick Mulvaney issued "a call for evidence" Wednesday seeking comment on all of the consumer agency's functions, including enforcement, supervision, rulemaking, market monitoring and education activities.
Categories: Credit Union News

COCC, Ellie Mae partner for digital mortgage solution

Wed, 01/17/2018 - 11:25am
The cooperative financial technology company will offer Ellie Mae’s Encompass all-in-one mortgage-management product.
Categories: Credit Union News

Second mortgage and bank card defaults spike as spending rises

Wed, 01/17/2018 - 11:25am
Default rates in second mortgages and bank cards rose notably in December, suggesting consumers are having trouble managing increased spending.
Categories: Credit Union News

Michigan CU League endorses Stabenow for Senate

Wed, 01/17/2018 - 10:25am
The Michigan Credit Union League endorsed the Senator's reelection bid due to her longstanding support for credit union issues.
Categories: Credit Union News

Banks, consumer groups stir up backlash against potential CFPB pick

Wed, 01/17/2018 - 6:24am
National Credit Union Administration Chairman Mark McWatters has not even been announced as President Trump's pick to run the Consumer Financial Protection Bureau, but his potential nomination already is uniting diverse groups in opposition.
Categories: Credit Union News

Executives advance at Veridian and Columbia and more personnel news

Tue, 01/16/2018 - 5:23pm
Two CUs promote key people to new posts, plus more new hires, promotions and special recognition of credit union professionals across the country.
Categories: Credit Union News

CFPB signals plan to kill payday rule

Tue, 01/16/2018 - 4:23pm
The Consumer Financial Protection Bureau said Tuesday it will reopen the payday lending rule, on the same day the controversial rule technically went into effect.
Categories: Credit Union News

Cannabis payment firms push ahead despite Jeff Sessions' opposition

Tue, 01/16/2018 - 4:23pm
Despite the growing legality of marijuana sales, banks have largely written off the industry as being too high-risk. Recent remarks by Attorney General Jeff Sessions would seem to reinforce that position.
Categories: Credit Union News

With deadline nearing, Heartland CU Assc. joins CUNA's Equifax suit

Tue, 01/16/2018 - 3:23pm
Credit unions, trade associations and others wishing to join the Credit Union National Association's class action suit against Equifax have until the end of January to do so.
Categories: Credit Union News

Michigan's Portland FCU, SageLink CU to merge

Tue, 01/16/2018 - 11:22am
Portland FCU will convert to a state charter as part of the merger, and all employees of both institutions are expected to be retained.
Categories: Credit Union News

How the wave of GOP departures will affect banking

Tue, 01/16/2018 - 10:22am
House Republicans are exiting Congress in droves ahead of the 2018 midterm elections and the stakes for the financial services industry could be significant.
Categories: Credit Union News

Exit, stage right: Key Republicans retiring this year

Tue, 01/16/2018 - 10:22am
Of the more than 30 GOP lawmakers due to retire at yearend — a historically significant level of departures for a single election — several are important to banking policy.
Categories: Credit Union News

Tech's New Year’s resolution: Improving vendor contract negotiations

Tue, 01/16/2018 - 8:22am
Industry experts are recommending that credit union executives start off 2018 by reexamining vendor contracts.
Categories: Credit Union News

CU fights to keep lawsuit against Trump's appointment to CFPB alive

Mon, 01/15/2018 - 10:19am
Lower East Side People's FCU is suing President Trump over his appointment of MIck Mulvaney to head up the Consumer Financial Protection Bureau.
Categories: Credit Union News

Supreme Court case could affect CFPB constitutionality ruling

Fri, 01/12/2018 - 5:10pm
The Supreme Court agreed Friday to hear a case challenging the appointment of administrative law judges, which could impact a ruling on the constitutionality of the CFPB.
Categories: Credit Union News

CFPB deputy files appeal in battle to unseat Mulvaney

Fri, 01/12/2018 - 5:10pm
The deputy director of the Consumer Financial Protection Bureau filed an appeal Friday in her battle to oust acting CFPB Director Mick Mulvaney, prolonging the legal fight over President Trump's appointment.
Categories: Credit Union News

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