Appropriations committee postpones CFPB’s payday lending proposal

Yesterday, LSCU learned the House Appropriations Committee approved a bipartisan amendment to the Financial Services Appropriation that would postpone the Consumer Financial Protection Bureau’s payday lending proposal by a 30-18 vote, with most Democrats voting no. The postponement would be until the Bureau provides a report to Congress on the consumer impact of such a […]

House Appropriations Committee to review new bill and accompanying report

Today, the House Appropriations Committee will mark up the Financial Services and General Government Appropriations bill. The report to accompany the bill was released yesterday, and it includes several statements advancing credit unions’ concerns. The LSCU’s advocacy team worked diligently with Congressman Ander Crenshaw’s (R-Florida) staff to ensure that credit unions’ concerns were addressed in […]

Ambitious new proposed financial act may be too big to succeed

Yesterday, speaking to the Economic Club of New York, House Financial Services Committee Chairman Jeb Hensarling (R-Texas) revealed his Financial CHOICE Act to oust the Dodd-Frank Act. He called Dodd-Frank “a grave mistake Washington foisted upon the American people nearly six years ago,” further stating, “We need economic growth for all and bank bailouts for […]

Obama names Metsger to lead NCUA

President Barak Obama tapped NCUA Vice Chairman Rick Metsger to be the ninth Chairman of the NCUA Board, taking over the helm from vice chairman Debbie Matz, who stepped down April 30. Metsger joined the NCUA as a board member in August 2013 and was unanimously elected vice chairman just over one year later. In […]

Florida credit unions closer to be able to accept IOLTAs

The League is continuing to work with the Florida Bar Association in an effort to change the Rules of Professional Conduct so that credit unions will be able to open Interest on Trust Accounts (IOLTAs). As the rules currently stand, attorneys can only use banks for these accounts, due to previous concerns over insurance coverage […]

CU financial advisors found to generate more revenue than bank advisors

Kehrer Bielan Research & Consulting found that the average financial advisor working in a credit union produced $444,873 in investment services revenue in 2014, compared to $440,073 for the average advisor in a large bank broker-dealer. The 2014-2015 Kehrer Bielan Credit Union Investment Services Benchmarking Study drew on data from 917 credit unions with investment […]