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Expect the CFPB to scrutinize overdrafts, payday lending, prepaid cards, auto loans and mortgage lending.
A U.S. District Court judge in Alexandria, Va., sentenced Timothy J. Coughlin, 63, of Indianapolis to more than seven years in federal prison the week of Oct. 20 for embezzling $10 million through a fake credit union.
Timothy J. Coughlin embezzles $10 million through a bogus credit union, receives seven-year sentence.
Man who sold bogus certificates through a fake credit union must pay restitution and a civil penalty.
The CEO of online loan brokerage Lending Tree told CU Times the site is open to working with credit unions as lenders if field of membership questions could be resolved.
The lead generator website is open to new credit union partners, but recognizes FOM could be a barrier.
Credit unions can still comment on a proposed rule that will require greater customer due diligence.
The rules, mandated by Dodd-Frank, address issues that allegedly contributed to the failure of corporate credit unions.
In June 2011, NCUA banned person from working with federal credit unions.