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CFPB Building

CFPB issues request for information on mortgage closing costs

The CFPB issued a request for information Thursday regarding fees charged by mortgage providers and related settlement services. According to the bureau, it “wants to understand why closing costs are increasing, who is benefiting, and how costs for borrowers and lenders could be lowered,” noting such fees may limit the ability of lenders to offer …

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CFPB Building

CFPB issues rule to classify BNPL as credit cards 

The CFPB Wednesday announced an interpretive rule to apply some, but not all, of the consumer protections in place for credit cards under Regulation Z to Buy Now, Pay Later (BNPL) loans. The rule allows consumers to dispute charges and obtain refunds from the lender after returning a product purchased with a BNPL loan. The rule …

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Columns

Notice and comment rulemaking is the “backbone of responsible regulation” 

“Notice and comment rulemaking is the backbone of responsible regulation,” wrote America’s Credit Unions’ Amanda Smith in a letter to the Office of Management and Budget Friday. “As industry grew more complex in the early 20th century, so did its oversight. The government’s answer to this burgeoning complexity was to defer regulation to the federal …

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CFPB, NCUA should take ‘holistic assessment’ of regulatory burden

Credit unions are experiencing an unprecedented battle on non-interest income, America’s Credit Unions Chief Advocacy Officer Carrie Hunt wrote to NCUA Chairman Todd Harper and CFPB Director Rohit Chopra Thursday, stressing these challenges stem from the actions of both agencies. “These challenges will result in a change to the credit union business model, making it …

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Court stops CFPB’s credit card late fees rule

A Texas district court Friday issued a preliminary injunction to stop the CFPB’s credit card late fees rule from taking effect this week. The CFPB finalized the rule in March, capping credit card late fees at $8 and eliminating the automatic annual inflation adjustment for the threshold. The rule applies to issuers with more than …

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Madry to Congress: Stop regulatory overreach ‘before it is too late’

Recent regulatory actions have credit unions facing a “tidal wave” of burdens and restrictions, Afena Federal Credit Union President/CEO Karen Madry told the Senate Banking Committee in testimony Thursday. Madry testified on behalf of America’s Credit Unions for a hearing on financial services fees. “The onslaught of new regulations and attacks on income sources is …

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Credit unions look to offer ‘something for everyone’ despite challenges 

Credit card rewards are among the many services credit unions offer to meet members’ needs, Apple Federal Credit Union President/CEO Andy Grimm highlighted during a joint CFPB/Department of Transportation hearing Thursday. Grimm said Apple Federal Credit Union is dedicated to advancing financial education and he considers his credit union “to have something for everyone” when …

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Credit union witnesses testify today at Senate, CFPB hearings

Credit union leaders are testifying on behalf of America’s Credit Unions at two hearings today: a Senate Banking Committee hearing on fees and a CFPB/Department of Transportation (DOT) hearing on airline and credit card rewards programs. Afena Federal Credit Union President/CEO Karen Madry—chair of America’s Unions Small Credit Union Committee—testifies before the Senate Banking Committee’s …

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