The CFPB’s proposal prohibiting certain fees for instantly declined transactions has a broad unfair, deceptive, and abusive acts or practices (UDAAP) approach that concerns America’s Credit Unions, the organization wrote in comments filed with the bureau Monday. The proposal would prohibit covered financial institutions from charging fees, such as nonsufficient funds (NSF) fees, when consumers …
America’s Credit Unions joined with several organizations to urge the CFPB to abandon its request for comment under the Paperwork Reduction Act (PRA) regarding a proposed new information collection on auto lending, noting the bureau lacks legal authority to collect the information outlined in the proposal and “grossly underestimates the burden of the information collection.” …
The NCUA Monday released its 2023 annual report to underscore its initiatives and accomplishments from last year. In its press release, the agency noted the report highlights initiatives related to cyber resiliency, economic headwinds, financial security and economic equity, and investment in agency employees. The report details the agency’s final rules on member expulsion and …
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