The Consumer Financial Protection Bureau on Wednesday issued a report on payday lending that was critical of so-called deposit advance loans it said are offered by banks and credit unions.
Although credit union short-term, small-amount payday loan alternatives were not included in the report, the CFPB said it is also researching them and will publish results in an “overdraft study” in the next couple of months. Read More
Despite no meaningful mention of credit unions, NAFCU and CUNA are praising H.R. 1750, a regulatory relief bill for community banks introduced Thursday by Rep. Blaine Luetkemeyer (R-Mo.).
According to the bill’s text, the proposed legislation would “enhance the ability of community banks to foster economic growth and serve their communities, boost small businesses, increase individual savings, and for other purposes.” Read More
A couple of state legislatures have recognized the value of credit union directors’ work toward maintaining a safe and sound credit union. Washington state and Tennessee credit union regulators recently permitted state-chartered credit unions there to compensate board members for their time. This was a wise move for a number of reasons. Read More