overdraft - America's Credit Unions

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

News / May 17, 2024 / cfpb, ncua, overdraft / 2 minutes of reading

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

News / May 10, 2024 / cfpb, overdraft / 2 minutes of reading

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 union witnesses testify today at Senate, CFPB hearings

News / May 9, 2024 / cfpb, overdraft / 1 minute of reading

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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America’s Credit Unions leaders talk overdraft

News / May 3, 2024 / overdraft / 2 minutes of reading

America’s Credit Unions leaders provided more than 1,200 credit union professionals with the latest on harmful regulatory proposals and how credit unions must continue to advocate for themselves and their members during a webinar Thursday. Chief Advocacy Officer Carrie Hunt, Chief Communications and Marketing Officer Meghan Small, and Senior Vice President of Advocacy Greg Mesack …

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America’s Credit Unions to cover overdraft with member credit unions

News / May 2, 2024 / overdraft / 1 minute of reading

America’s Credit Unions is hosting a free webinar for members today starting at 2:30 p.m. Eastern on regulatory proposals that could significantly alter credit unions’ operating landscape. Members should check their email inboxes for a message from America’s Credit Unions Chief Advocacy Officer Carrie Hunt that contains the registration link. The call will feature updates …

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CFPB’s bad policies on fees hurt everyone

News / April 23, 2024 / cfpb, overdraft / 2 minutes of reading

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 …

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CFPB overdraft proposal will harm credit union members, should be withdrawn

News / April 2, 2024 / cfpb, overdraft / 3 minutes of reading

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 …

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America’s Credit Unions calls on NCUA to reconsider overdraft reporting requirements

News / April 1, 2024 / ncua, overdraft / 1 minute of reading

America’s Credit Unions is actively engaging the NCUA on its call report changes that would require certain credit unions to report fee income derived from overdraft and nonsufficient funds (NSF) fees. The organization has raised concerns directly with NCUA Chairman Todd Harper, and also wrote a letter to the agency calling on it to refrain …

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Action alert seeks feedback on impact of CFPB overdraft proposal

News / February 21, 2024 / cfpb, overdraft / 1 minute of reading

Feedback on how the CFPB’s overdraft proposal will impact access to financial services for credit unions of all sizes will help America’s Credit Unions in its push for the CFPB to reconsider the proposal. Comments sharing specific concerns and stories will help the bureau understand why consumers opt into regulated overdraft protections. The proposal would …

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Seeking CU data, feedback on CFPB overdraft proposal

News / January 31, 2024 / cfpb, overdraft / 2 minutes of reading

The CFPB’s proposal to cap overdraft fees for financial institutions $10 billion in assets or larger could have a major impact on credit unions of all sizes by creating competitive market pressures to reduce or remove fees. America’s Credit Unions issued a Regulatory Comment Tuesday, including a rule summary, potential impact, and key points and …

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