WASHINGTON—The Consumer Financial Protection Bureau (CFPB) has issued a statement confirming that federal anti-discrimination law requires companies to explain to applicants the specific reasons for denying an application for credit or taking other adverse actions, even if the creditor is relying on credit models using complex algorithms.
SPRINGFIELD, Ill.–Illinois Gov. J.B. Pritzker has signed into law HB 4462, which amends the Illinois Credit Union Act by authorizing new powers for credit unions of all asset sizes, providing regulatory relief to small credit unions, and clarifying existing provisions of the law governing credit union operations, according to the Illinois Credit Union League.
KYIV, Ukraine–Despite the Russian invasion of Ukraine, the World Council of Credit Unions is reporting its Credit for Agriculture for Producers’ (CAP) Project still “managed to make strides” during the second quarter of 2022.
MADISON, Wis.— CUES has announced that human resource leaders now have the opportunity to learn to take on and optimize data as part of the Human Resources Analytics Certificate Program, which it has developed in partnership with Cornell University.
ARLINGTON, Va.–NAFCU has announced results of its recent board elections.
HARRISBURG, Penn.–The CrossState Credit Union Association has announced its new board as well as the winners of a variety of honors.
PROVIDENCE, R.I. –Governor Dan McKee has signed into law the Rhode Island Cannabis Act, which legalizes and regulates recreational adult-use cannabis in the state.
DUBLIN, Ireland–Proposed legislation in this country designed to boost credit union growth contains “no silver bullet,” according to one government official, who said the movement is weighed down by excess deposits and muted lending, and that it is mainly up to the sector to help itself.
LONDON—The United Kingdom has introduced a new law to protect access to cash, ensuring the continued availability of withdrawal and deposit facilities across the country.
WASHINGTON–Newly released minutes from the most recent meeting of the Federal Reserve’s Open Market Committee show officials believe they need to move “expeditiously” to raise rates to fight inflation.
