At press time, the House Financial Services Committee was close to passing a bill extending the National Flood Insurance Program for five years and three bills to make changes to the structure of the Bureau of Consumer Financial Protection.
Everybody in Congress and in the Obama administration say they are for consumer protection. However, in the debate over the new consumer bureau, it depends on what the meaning of “consumer protection” is.
House panel gives nod to extending National Flood Insurance Program and changes in new Consumer Financial Protection Bureau.
Citing a potentially devastating impact on credit unions, both CUNA and NAFCU urged the Obama administration to endorse a delay in the implementation of the Federal Reserve’s rule regulating debit interchange fees.
Saying it will be the “start of a robust discussion,’’ on the set up of the Bureau of Consumer Financial Protection, House Financial Institutions and Consumer Credit Subcommittee Chairman Shelley Moore Capito announced an oversight hearing next Wednesday.
NAFCU President/CEO Fred Becker urged regulators to “exercise caution,” when communicating with credit unions about complaints they receive so as not increase the likelihood of litigation or reputational risk.
WASHINGTON — The woman setting up the new Bureau of Consumer Financial Protection said the bureau will be a strong ally of credit unions that "want to work on behalf of their members."
WASHINGTON — House Speaker John Boehner promised that the House will work hard to ease the regulatory burden so credit unions can lend more money and businesses can create new jobs.
The $22 billion State Employees’ Credit Union said it looks forward to “showcasing all we’ve been doing for consumers” now that it is the first state-chartered CU to formally come under regulatory purview of the new Consumer Financial Protection Bureau.
WASHINGTON — House Financial Services Committee Chairman Spencer Bachus urged credit union advocates to lobby members of Congress, especially in the Sentate, to lessen the impact of the Federal Reserve's proposal on debit interchange.