Law and regulation

Leadership at the Consumer Financial Protection Bureau is expected to be resolved quickly after a federal court Monday assigned a judge appointed by President Trump to resolve a lawsuit over who will become the agency's acting director.

Lora Benrun, CEO of $1.2 billion-asset WESTconsin Credit Union, recently participated in a meeting for the Federal Reserve Board of Governors’ Community Depository Institution Advisory Council in Washington D.C.

The Trump administration insisted Saturday that OMB Director Mick Mulvaney was the rightful interim leader of the CFPB, but Democrats said that the appointment was illegal. It remains unclear who is legally in charge.

The outcome of a case testing the president's power to fire a CFPB director will come too late to impact Richard Cordray, but may affect President Trump's interim and final picks to lead the agency.

NCUA’s approval of a new approach to its overhead transfer rate will benefit all credit unions, but the movement must still closely watch how its funds are spent.

The digital-currency startup, which markets software to banks, appears keen to signal that it wants to play by the rules.

The $65 billion-asset company intends to shed its holding company and then will petition regulators to reconsider its designation as a systemically important financial institution.

The House-passed tax bill would eliminate the New Markets Tax Credit while the Senate bill would not reauthorize it when it expires in two years. Bankers and other proponents say that if it is discontinued many economic development projects in rural and low-income communities won’t be funded.

A bill that would ensure fintechs can continue to partner with banks to make loans at interest rates that exceed state caps drew some bipartisan support on Wednesday, despite opposition by consumer groups.

The resignation of CFPB Director Richard Cordray gives President Trump the chance to name a director who could roll back agency rules and supervisory policies.

The election of Democrat Phil Murphy as New Jersey's next governor is being hailed as a victory for advocates of state-owned banks. But challenges remain — namely, stubborn opposition from mainstream banks.

CUNA’s Jim Nussle and NCUA Chairman Mark McWatters were among the big speakers at Monday’s opening session.

It's been a decent year for banks, especially given the industry's return on assets hit a 10-year high. But there are signs it might not last. With Halloween near, here is a look at some potentially frightening developments that could keep bankers up at night.

Both CUNA and NAFCU filed briefs in response to the regulator’s proposed budgets, which continue to rise despite a shrinking NCUA workforce and a contracting industry.

The accord is the latest development in investigations by governments across the globe into banks’ manipulation of benchmark interest rates.

The CFPB's practice of "regulation by enforcement" forces mortgage companies to develop compliance standards based on the mistakes of their peers, rather than clear guidance from the enforcement agency, said David Motley, the new chairman of the Mortgage Bankers Association.

Credit union representatives on Wednesday praised the regulator for its newfound willingness to hear their concerns on the budget, but emphasized that 10 years of budget increases – during which time the number of CUs has shrunk by a quarter – is enough.

While the House disaster relief bill would provide $16 billion in debt relief for the National Flood Insurance Program, it does not include a Trump administration proposal to ban new construction in flood-prone areas.

The credit union regulator proposed a budget increase of 2.1% for 2018 and 1.5% for 2019, but expects net reduction of nearly 60 employees by 2019.

NAFCU recently awarded Rich Losea the Paul Revere Award for his political activism, having been a staunch credit union advocate for two decades.