Karen Harbin, president/CEO of Commonwealth Credit Union—and secretary of America’s Credit Unions Transition Board—will testify before a House Financial Services subcommittee Thursday on behalf of America’s Credit Unions. During the hearing, Harbin will share how increasing regulatory burdens are hampering credit unions’ ability to serve members, including the CFPB’s recently finalized rule on credit card …
Rep. Blaine Luetkemeyer, R-Mo., introduced the Secure Payments Act (H.R. 7531), which would stop finalization of the Federal Reserve’s proposed debit interchange proposal. Credit unions strongly oppose the Fed’s proposal, and the introduction comes as nearly 6,000 credit union advocates are in Washington, D.C., for the 2024 Governmental Affairs Conference. The Fed’s proposal would make …
The CFPB released its final rule on credit card late fees Tuesday, reducing the “typical” fee to $8. The rule applies to card issuers with more than one million open accounts and will be effective 60 days after publication in the Federal Register. “The CFPB’s misguided final rule on credit card late fees clearly demonstrates …
Reps. French Hill, R-Ark., and Young Kim, R-Calif., addressed the 2024 Governmental Affairs Conference (GAC) Tuesday, expressing their support for the work credit unions do, and pledging to push back against government overreach. Hill, vice chairman of the House Financial Services Committee and chair of the Subcommittee on Digital Assets, Financial Technology and Inclusion, said …
NCUA Board Member Tanya Otsuka, and U.S. Assistant Attorney General for Civil Rights Kristen Clarke addressed the 2024 Governmental Affairs Conference (GAC) Tuesday, where they outlined their priorities for their respective offices. “My work at NCUA will be guided by a commitment to a safe and sound financial system of cooperative credit that ensures members …
Governmental Affairs Conference (GAC) attendees heard from members of Congress, policymakers, and a former U.K. Prime Minister Tuesday in Washington, D.C. America’s Credit Unions President/CEO Jim Nussle conducted a fireside chat with the Rt. Hon. Theresa May, where the former Prime Minister and current member of Parliament shared how service has shaped her career and …
Regulators’ focus on eliminating so-called “junk fees” could deprive consumers of much-needed financial services, including access to affordable credit, according to a Tuesday panel discussion. The CFPB’s focus on fees is almost entirely political, panelists said. Participating in the discussion were Jim Hunsanger, chief risk officer at Michigan State University Federal Credit Union; Leah Dempsey, …
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