McWatters letter requests burden reduction from CFPB director

Yesterday, NCUA Chairman J. Mark McWatters wrote a letter to embattled CFPB Director Richard Cordray in regard to credit union compliance with CFPB rules specifically in regard to the Home Mortgage Disclosure Act (HMDA), as well as the Unfair, Deceptive and Abusive Acts or Practices (UDAAP) requirements of the Dodd-Frank Wall Street Reform and Consumer […]

Durbin repeal to be removed from CHOICE Act

Late Wednesday, League sources were informed that the Durbin Amendment repeal being sought in the CHOICE Act would be removed from the legislation before being voted on the floor of the House of Representatives. Word is that the Speaker of the House, Paul Ryan, called Chairman Jeb Hensarling to inform him they would be pulling […]

Make your voice heard in repealing Durbin

The CHOICE Act, which recently passed out of the House Financial Services Committee, included a provision that repeals the Durbin debit interchange amendment. CUNA supports this repeal because of the harm the Durbin amendment has caused credit unions and their members. The Durbin amendment was a last minute addition to the Dodd-Frank Act in 2010. […]

Prize-linked savings passes AL Legislature

Last week, the Alabama House of Representatives gave final approval to HB 355 by Rep. Merika Coleman allowing financial institutions in Alabama to offer Prize Linked Savings Accounts. HB 355 was passed by the Senate early in the week, but was amended in order to ensure the cash value of prizes was not too large […]

LSCU sources report possible reg relief changes

Sources close to the LSCU reported positive news from Washington, D.C., yesterday. Treasury Secretary Mnuchin told the Senate Banking Committee today that he is likely to recommend that financial institutions under $10 billion in assets be exempted from certain supervisory requirements under the 2010 Dodd-Frank law. Following the hearing, committee staff said it was their […]