Florida OFR commissioner reaches out to CFPB

Florida Office of Financial Regulation (OFR) Commissioner Drew J. Breakspear sent a letter to Consumer Financial Protection Bureau (CFPB) Director Richard Cordray on June 1. The letter was responding to future proposed rules for the regulation of payday lenders, vehicle title, and similar small-dollar loans. “I strongly support Florida’s regulatory model for payday lending, and […]

Alabama’s deputy tax commissioner victim of fraud

Alabama’s commissioner of the department of revenue is on one of three IRS task forces looking to find ways to combat tax fraud. The IRS is investigating $50 million in tax fraud that happened during the 2015 tax season. Much of the fraud came through phony state returns. One of the victims was Joe Garrett, […]

Cuba removed from U.S. terror sponsor list

The Obama administration on Friday formally removed Cuba from a U.S. terrorism blacklist as part of the process of normalizing relations between the Cold War foes. Secretary of State John Kerry signed off on rescinding Cuba’s “state sponsor of terrorism” designation exactly 45 days after the Obama administration informed Congress of its intent to do […]

Ross speaks with Costa Rican credit unions

LSCU & Affiliates Senior Vice President of Association Services Jared Ross and CUNA Chief Advocacy Officer Ryan Donovan shared best practices and key principles in lobbying during the World Council of Credit Union’s Lobbying and Governmental Affairs Workshop on May 21 and 22 in San José, Costa Rica. Lobbying is a process, not an event. […]

Forbes column blasts banks attacks on credit unions

Credit unions received a good placement Thursday in Forbes when Ryan Ellis posted a column calling the bankers attacks on credit unions dishonest. He specifically references a recent op-ed column from Florida Bankers Association CEO Alex Sanchez in the Wall Street Journal and American Bankers Association CEO Frank Keating referencing the NFL dropping its non-profit […]

Fed seeks comments on adopting NACHA same-day rule

The Federal Reserve board has issued a request for comment regarding proposed changes to its current same-day automated clearinghouse (ACH) payments rules. The Federal Reserve Banks propose to incorporate NACHA-The Electronic Payments Association’s recently adopted same-day ACH operating rules into Operating Circular 4, which governs Reserve Banks’ ACH service. The Fed currently operates a same-day […]