NAFCU offers support for expanded CFPB supervision over fintechs, other nonbank companies

NAFCU Regulatory Affairs Counsel James Akin wrote a letter to the CFPB Tuesday in response to its announcement that it would begin exercising supervisory authority over fintechs under a largely unused legal provision of the Dodd-Frank Act to examine nonbank financial entities that pose risks to consumers. In addition, the letter discusses the related procedural rule that would allow the bureau to make final decisions and orders from its supervision of these nonbank entities public. Akin addresses the benefits that consumers and the consumer finance market will see as a result of the increased transparency provided by the procedural rule.

ICYMI: Biden vows to ‘bring inflation down’ in new op-ed 

President Joe Biden Monday published a Wall Street Journal op-ed outlining a plan to both lower costs for American consumers and tackle looming inflation concerns. Citing a multitude of challenges including the ongoing war between Ukraine and Russia and the still recovering supply chain constraints, Biden urged readers to have confidence in the U.S.’s ability to overcome economic challenges. 

NCUA issues two prohibition orders, one notice in May

The NCUA in May issued two orders and one notice of prohibition, forbidding individuals previously associated with credit unions from any future participation in the affairs of a federally-insured financial institution.

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HFSC announces June hearing schedule

House Financial Services Committee Chairwoman Maxine Waters, D-Calif., has announced the committee’s June schedule. In addition to advocacy efforts ahead of the scheduled June markup, NAFCU will monitor several hearings on topics of note including the housing market, the Community Reinvestment Act, and obstacles to investments in diverse-owned fintechs.