If you’re an avid watcher of the Consumer Financial Protection Bureau (CFPB or bureau) like I am, then you’ve no doubt been paying close attention to the bureau’s war on fees. As we’ve blogged about previously, the CFPB has been targeting nearly every type of fee – from overdraft and non-sufficient funds fees, to paper …
The CFPB released a blog post Friday outlining their belief that home closing costs include some “junk fees,” under the bureau’s definition, and are too much of a burden for mortgage borrowers who are already taking on a huge financial undertaking. The CFPB cites the “median amount paid by borrowers was nearly $6,000” in …
CFPB mischaracterizes home closing costs as ‘junk fees’ Read More »
America’s Credit Unions supports a lawsuit filed last week by the U.S. Chamber of Commerce and other financial groups seeking a preliminary injunction to stop implementation of the CFPB’s credit card fee late rule. The CFPB finalized the rule last week, with America’s Credit Unions President/CEO Jim Nussle saying the rule will dismantle consumers protections …
Lawsuit challenges CFPB’s credit card late fee final rule Read More »
Regulatory overreach is impeding credit unions’ ability to improve the financial wellbeing of members and Congress and regulators must take action to reverse this trend, America’s Credit Unions Transition Board Secretary Karen Harbin told members of a House Financial Services subcommittee Thursday. Harbin, president/CEO of Commonwealth Credit Union in Frankfort, Ky., testified on behalf of America’s …
Harbin details value-based programs offered by credit unions despite reg burdens Read More »
President Joe Biden delivered his third State of the Union address Thursday to a joint session of Congress, the Supreme Court Justices, and military leaders from the House of Representatives chamber. In his address, Biden specifically called out “junk fees” and the CFPB’s newest rule to cut credit card late fees to $8 – ignoring …
Biden calls out ‘junk fees’ in State of the Union address Read More »
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 …
America’s Credit Unions board member to testify before House subcommittee Read More »
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 …
Nussle: Final credit card late fee rule dismantles protections, limits access Read More »
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, …
‘Junk’ fees, regulatory challenges, covered in GAC breakouts Tuesday Read More »
The CFPB Tuesday issued its final rule to drastically reduce the safe harbor threshold credit card issuers can charge for late payments to $8. While the rule only applies to issuers that have over 1 million open accounts and the bureau claims the rule will have no impact on smaller issuers such as credit unions, …
STATEMENT CFPB caps credit card late fees safe harbor at $8 Read More »
America’s Credit Unions President/CEO Jim Nussle and members of its advocacy team met with CFPB Director Rohit Chopra Wednesday for a discussion on topics ranging from the credit union difference to the negative impacts of misguided or poorly tailored regulations. “We thank Director Chopra for his time and the lively discussion, which included how …
Nussle, advocacy team meet with CFPB Director Chopra Read More »
