Regulatory & Compliance

Moneytree Inc., a Seattle payday lender, was hit late last week with a cease and desist order by Washington state regulators alleging the firm allowed borrowers to take out an excessive number of loans violating rescinding rules.

The Senate late this afternoon is scheduled to hold a procedural vote on whether to begin consideration of a regulatory restructuring bill, though there hasn't been an agreement on what the measure will look like.

Chartway Federal Credit Union Vice President of Operations John Blum is scheduled to testify Wednesday in opposition to legislation that would place additional restrictions on interchange fees.

The Texas Credit Union League said today it has teamed up with the Texas Association of Business in an e-mail blitz to sway votes of U.S. Sen. Kay Bailey Hutchison and John Cornyn.

CUNA and NAFCU wrote lawmakers this week that the language in the financial overhaul bill that would limit the Federal Home Loan Bank Board to a 25% concentration limit would limit their ability to meet their obligations to their members.

The NCUA Board has scheduled a closed meeting on a supervisory matter for 10:00 a.m. tomorrow.