President Obama circumvented Senate Republicans and made a recess appointment of Richard Cordray to run the Consumer Financial Protection Bureau. In making the appointment he explained that we “shouldn’t be weakening oversight and accountability, we should be strengthening it–especially when it comes to looking out for families."
This year saw a regulation capping the interchange card issuers were able to earn on a debit card transaction come into effect for the first time in history.
While the newly launched Consumer Financial Protection Bureau has received considerable attention and criticism, the focus for most credit unions is on the NCUA’s Office of Consumer Protection.
On a party-line vote, the Senate Banking Committee voted to confirm former Ohio Attorney General Richard Cordray to be the first director of the Consumer Financial Protection Bureau.
The ailing $6 million Mission SF Federal Credit Union of San Francisco was seized over the weekend by NCUA and awarded to Self-Help FCU of Durham, N.C.