A credit union president told a House subcommittee Thursday that the CFPB’s powers are so broad that actions by the agency have contradicted policies set by the NCUA, the primary regulator of credit unions. The CFPB has used its discretion to take action under...
Credit Union Industry News & Updates
The Credit Union & Banking worlds are changing faster today than they ever have. Keep informed about what’s going on in the industry.
WHAT’S GOING ON AT CREDIT UNIONS?
Real Cybersecurity Threat: Irresponsible, Uninformed Employees
Organizational personnel cause almost half of worldwide IT security incidents in businesses each year, and 40% of employees involved hide their IT security episodes for fear of employer punishment or blame. These are some of the revelations from a new report,...
CFPB to Exempt More CUs From HELOC Reporting
Credit unions representing nearly a quarter of the nation’s members will get a break from reporting home equity line of credit data to federal regulators under a rule change proposed Monday. CFPB Director Richard Cordray said Monday the agency would issue a...
New Warnings of More Ransomware Attacks On the Way
Newly discovered credit card data breaches point out the need to defend against hackers, who have flooded the dark web with personal information and opened the door to more ransomware attacks. Brian Krebs in his KrebsOnSecurity blog reported about a Missouri-based...
Credit Unions Inch Forward on Consumer Loans
Credit unions gained a slightly larger share of consumer lending in May, as their loans for cars and credit cards grew faster than banks, the Federal Reserve reported Monday. Total consumer credit stood at $3.8 trillion on May 31, up 5.8% from a year earlier,...
Senator, OCC Sets Sights to Nullify CFPB Arbitration Rule
A Republican senator said today he will mount an effort to convince Congress to nullify the newly released CFPB’s arbitration rules. "The CFPB has gone rogue again, abusing its power in a particularly harmful way,” said Sen. Tom Cotton (R-Ark.). “The...