Items Tagged with 'National Credit Union Administration'


  • NAFCU pushes CFPB for more exceptions to payday lending rule

    Wants all "payday alternative loans exempted"
    Back in October last year, the CFPB announced its new 1,690-page-long payday lending rule that included several exceptions for credit unions. The final rule exempts some loans issued by credit unions in conformance with the NCUA for PAL loans, but now, NAFCU wants more.
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  • NCUA honors Trump's order to massively roll back regulation

    Releases package of regulatory reforms
    The National Credit Union Administration revealed “its sweeping regulatory reform plan” on how it can honor President Donald Trump’s order to massively scale back government regulations. While the NCUA is not required by law to honor the order, the NCUA chose to do so.
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  • NCUA plans major restructuring, including closing two regional offices

    NCUA chairman: “The time has come for the NCUA business model to change”
    Fresh off asking the Consumer Financial Protection Bureau to give it supervisory authority over the nation’s largest credit unions, the National Credit Union Administration announced a major restructuring plan that will see the agency close two of its five regional offices and eliminate some agency offices with “overlapping” functions.
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  • NCUA asks CFPB for examination and enforcement authority over largest credit unions

    "The CFPB and the NCUA can and should work together"
    The National Credit Union Administration wrote a letter to Consumer Financial Protection Bureau Director Richard Cordray, asking to be the primary agency responsible for the examination and enforcement of consumer financial protection laws for credit unions with assets of more than $10 billion. Interestingly enough, of the more than 5,700 FICUs operating in the U.S., only six currently have $10 billion or more in assets. One of those, however, one has already been slapped with a million-dollar fine from the CFPB in the past.
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  • NCUA recovers $445 million from UBS for RMBS losses

    Total recoveries now nearly $4.8 billion
    The National Credit Union Administration announced it recovered even more money from losses over residential mortgage backed securities. This time around NCUA, on behalf of U.S. Central Federal Credit Union and Western Corporate Federal Credit Union, recovered $445 million from UBS.
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  • Here’s the confusion around independent agencies under Trump's new actions

    Does the CFPB need to follow the new orders?
    President Donald Trump recently signed a presidential memorandum and executive order that significantly impact the future of regulations across all industries. But for housing specifically, there’s a major catch. The two new actions do not apply to independent agencies, which include the Consumer Financial protection Bureau. Here’s an explanation behind the confusion.
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  • National Credit Union Administration sued over updated membership rule

    The role of credit unions called into question by ABA
    Not more than a day after the National Credit Union Administration published its Field of Membership final rule in the Federal Register, the American Bankers Association filed a lawsuit. To the trade group, the final rule steps away from the intended purpose of credit unions to serve only a single, well-defined local community.
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