WASHINGTON–While an Appeals Court’s ruling that the structure of the CFPB is “unconstitutional” is getting much of the attention, the decision in PHH v. CFPB also has implications for how the Real Estate Settlement Procedures Act (RESPA) is interpreted moving forward.
Fresh Today
WASHINGTON—NCUA will be releasing its discussion draft budget later this week, and both CU trade associations said they will be paying close attention.
WASHINGTON–The Consumer Financial Protection Bureau’s structure is unconstitutional, according to a ruling by the U.S. District Court of Appeals here.
WASHINGTON—The Consumer Financial Protection Bureau has fined Navy FCU $28.5 million for “improper” debt collection practices.
ARLINGTON, Va.—NAFCU has sent the CFPB an outline of provisions in the Bureau’s payday lending proposal that it said encroach upon the authority of the NCUA and asked that the Bureau use its Dodd-Frank Act authority to exempt credit unions from the rule.
WASHINGTON—Concerned that the CFPB’s payday lending proposal will hinder the ability of state chartered credit unions to administer innovative short-dollar loan programs, NASCUS is urging the CFPB to provide compliance exemptions for states that have in place “comparable regulation” to avoid increasing the regulatory burden on an “already heavily regulated class of entities.”
LOMPOC, Calif.—A number of credit unions used the Columbus Day holiday to allow their staff to do good works in their respective communities.
SAN FRANCISCO–Ex-employees of the embattled bank Wells Fargo continue to come forward with stories of being pressured into selling unnecessary products to customers.
CHICAGO—Credit unions in New York City that make taxi medallion loans have for several years been plagued by profitability issues related to sagging taxi medallion prices. Will Windy City CUs that make those loans now also face similar issues?
IRVINE, Calif.—Foreclosure inventory declined by 29.6% and completed foreclosures declined by 42.4% compared with August 2015, according to the August 2016 National Foreclosure Report from CoreLogic.