CUNA

With many Americans and members of Congress questioning the results of the presidential election, financial services trade associations quickly vowed to work with the incoming administration.

Data from the Credit Union National Association indicates the rule has decreased lending and increased costs as institutions work to stay compliant.

The credit union regulator has spent 20 years asking lawmakers for greater oversight of third-party vendors. Here's why it might finally happen.

Draft legislation would amend the Bank Service Company Act to give the National Credit Union Administration third-party vendor oversight, a power it has been requesting for the better part of two decades.

The court passed up a recent opportunity to clarify confusion about Americans with Disabilities Act requirements for business websites, raising concerns among bankers that they could become an even more inviting litigation target.

The industry continues to push for an overhaul of the bureau’s leadership structure, but both parties seem uninterested.

The industry has long complained that gathering the data is confusing and costly but two plans issued by the CFPB could help lighten the burden for a significant portion of credit unions.

Revised legislation would exclude credit unions from Community Reinvestment Act requirements, but could make the National Credit Union Administration the de facto enforcer of how CUs meet the needs of underserved markets.

The 2020 presidential hopeful removed the contentious provision from a previous version of the bill that had won praise from bankers but sparked fierce opposition from credit unions.

In remarks to credit unions, the Senate Banking Committee Chairman said that fixing the government-sponsored enterprises and data security were priorities.

With the program set to expire July 31, the House bill will have to be reconciled with Senate legislation that includes a longer extension.

Acting CFPB Director Mick Mulvaney dismissed concerns by Sen. Elizabeth Warren, D-Mass., about his leadership of the consumer agency while supporting a lighter regulatory touch for credit unions.

Credit union executives talked up a pending regulatory relief effort while endorsing a radical shift in direction by the Consumer Financial Protection Bureau during a meeting with President Trump and other top White House officials on Monday.

The regulator on Thursday announced a delay in the implementation of its prepaid rule, along with safe harbor for HMDA data reporting.

Some credit union advocates are praising the Consumer Financial Protection Bureau for a move that exempts select institutions from certain reporting requirements, but other say the bureau must still do more.

Credit unions continue to press the Consumer Financial Protection Bureau for regulatory relief, arguing that existing exemptions have not gone far enough.