NAFCU President and CEO Dan Berger published an op-ed in American Banker expressing disappointment in the NCUA Board for unanimously approving an operating budget that is 7.5 percent higher than the previous year. Berger added that this decision is the opposite of what credit unions are so well known for: being cost-effective and member-service driven.
Congress Tuesday released the final text of a $1.7 trillion omnibus spending package to fund the government. In a win for the industry, the package notably does not include the NAFCU-opposed Credit Card Competition Act or provisions to provide the NCUA with expanded third-party vendor authority. In addition, the bill includes a NAFCU-sought increase to funding for the Community Development Financial Institutions (CDFI) Fund and includes report language that directs the CDFI Fund to listen to stakeholders regarding its new application process.
The CFPB Tuesday ordered Wells Fargo to pay $3.7 billion – $2 billion in redress to more than 16 million consumers and a $1.7 billion civil penalty – for repeated legal violations related to auto loans, mortgages, and deposit accounts. NAFCU consistently touts the credit union difference and has relentlessly pointed out big banks’ harmful practices that put profits over people to lawmakers and federal regulators.
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The Federal Housing Finance Agency (FHFA) finalized its rule requiring the government-sponsored enterprises (GSEs) – Fannie Mae and Freddie Mac – to obtain prior approval before offering new products to the market or engaging in new activities. The final rule includes NAFCU-sought clarifications.
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