Remove CFPB Remove NCUA Remove Procedures
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CUs, Bank Trade Groups Clash Over CFPB Regs

PYMNTS

Credit union (CU) and bank trade groups are locked in another battle, this time arguing about oversight by the Consumer Financial Protection Bureau (CFPB). Jim Nussle, president and CEO of the Credit Union National Association (CUNA), recently requested that all CU supervision be handled by the National Credit Union Administration (NCUA).

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The CFPB Found Unconstitutional…But …

PYMNTS

appeal of the 2014 $109M financial penalty imposed by the CFPB. Currently, the CFPB Director, who reports to the President, can only be removed for cause. Not surprisingly, the verdict has drawn sharp responses across the board from opponents and supporters of the CFPB alike.

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Proposed Bill Would Reform Bank Exam Processes

Global Fintech & Digital Assets

The director would be required to hold quarterly meetings with financial institutions to discuss examination procedures, practices, and policies. The director would need to review FFIEC examination procedures to ensure that the written examination policies of those agencies are being followed in practice and applied consistently.