In a new op-ed for CU Insight, America’s Credit Unions Chief Advocacy Officer Carrie Hunt called the CFPB’s war on financial fees “bad math and even worse policy.” Hunt emphasized that credit unions are not charging fees to maximize revenue. Instead, credit unions use fees “to cover the cost of doing business.” She also noted …
The House Financial Services Committee voted 28-22 to advance a resolution to repeal the CFPB’s credit card late fee final rule via the Congressional Review Act. America’s Credit Unions strongly supports the resolution, which has also been introduced in the Senate. Ahead of the vote, America’s Credit Unions President/CEO Jim Nussle called the final rule …
House committee passes resolution to void CFPB credit card late fee rule Read More »
The House Financial Services Committee will mark up a resolution of disapproval of the CFPB’s credit card late fee rule starting Wednesday. America’s Credit Unions wrote in strong support of the resolution—which would void the rule through the Congressional Review Act—prior to the markup. The rule would cap credit card late fees at $8 and …
Nussle writes in support of credit card late fee rule repeal Read More »
America’s Credit Unions is concerned by the CFPB’s structure and several recent actions, President/CEO Jim Nussle wrote to a House Financial Services subcommittee ahead of its hearing on CFPB transparency. “[G]iven the broad authority and awesome responsibility vested in the CFPB, a five-person commission has distinct consumer benefits over a single director. Regardless of how …
CFPB needs reforms to structure, funding mechanism Read More »
Congress should support joint resolutions to void the CFPB’s credit card late fee final rule, America’s Credit Unions and other organizations wrote to members of Congress Tuesday. Sen. Tim Scott, R-S.C., and Rep. Andy Barr, R-Ky., introduced the resolutions Monday. “By its own admission, the Bureau’s late fee rule will harm the 74% of consumers …
CFPB credit card late fee rule will harm consumers that pay on time Read More »
The CFPB’s proposed annual collection of auto loan data points is beyond the bureau’s statutory authority, America’s Credit Unions and other trade organizations wrote to leaders of the Senate Banking and House Financial Services Committees Tuesday. The CFPB requested approval from the Office of Management and Budget in January to expand a pilot program to …
Proposed auto loan data collection is beyond CFPB’s authority Read More »
Resolutions to nullify the CFPB’s credit card late fees rule via the Congressional Review Act (CRA) were introduced in the Senate by Sen. Tim Scott, R-S.C., and Rep. Andy Barr, R-Ky., Monday. America’s Credit Unions supports the resolutions as it strongly opposes the rule from the CFPB, which caps credit card late fees at $8. …
House, Senate resolutions would void CFPB credit card late fees rule Read More »
On March 27, 2024, the Consumer Financial Protection Bureau (CFPB) released Consumer Financial Protection Circular 2024-02 (the circular). The circular discusses the Consumer Financial Protection Act’s (CFPA) prohibition on deceptive acts or practices when marketing the cost and/or speed of sending remittance transfers. To those unfamiliar with deceptive acts or practices, under the CFPA, a …
CFPB Releases Circular on Deceptively Marketing Remittance Transfers Read More »
America’s Credit Unions vehemently opposes the CFPB’s proposed rule on overdraft fees, as it will harm community-based credit unions and their members, the organization wrote to the CFPB Monday. The comments were sent in response to the CFPB’s proposal on overdraft services charged by financial institutions with more than $10 billion in assets. “The proposed …
CFPB overdraft proposal will harm credit union members, should be withdrawn Read More »
The CFPB Friday released its 2023 consumer response report. The report details the bureau’s handling of over 1.6 million consumer complaints. According to the CFPB, it routed 81% of those complaints to companies for review and response with 6% going to other regulatory agencies. Additionally, the bureau noted an uptick in complaints about credit …
