Compliance

Regulators have abused their role of implementing law to actually make financial policy, usurping the role of Congress in a tripartite system.

A new Department of Labor rule designed to make more American workers eligible for overtime pay stands to add costs and slow hiring at credit unions and banks while speeding the replacement of human workers with technology, according to the financial industry lobby.

A new Labor Department regulation designed to make more American workers eligible for overtime pay stands to add costs and slow hiring at community banks.

The agency posted its semiannual rulemaking agenda on a blog late Wednesday updating the next steps it will take on several areas of rulemaking. The CFPB expects to issue rules for prepaid reloadable cards, mortgage servicing and mortgage disclosures this summer but set no specific deadlines yet on overdraft and debt collection.

The agency posted its semiannual rulemaking agenda on a blog late Wednesday updating the next steps it will take on several areas of rulemaking. The CFPB expects to issue rules for prepaid reloadable cards, mortgage servicing and mortgage disclosures this summer but set no specific deadlines yet on overdraft and debt collection.

New Chairman Rick Metsger said the regulator will likely extend due date for second quarter call reports because of July 4th holiday and expects to establish end-of-month deadline by the end of the year.

The Michigan State Senate passed a package of credit union bills that amends the Michigan Credit Union Act for the first time since 2003. The CU-friendly legislation is expected to pass the House and be signed into law by the governor by the middle of next month.

Rep. Maxine Waters, the top Democrat on the House Financial Services Committee, introduced legislation Thursday to reform consumer credit reporting.

The bureau said Wednesday that it plans to hold a public hearing in Kansas City, Mo., to discuss small dollar lending. The hearing will be held at the Kansas City Convention Center and will feature remarks from CFPB Director Richard Cordray, as well as testimony from consumer groups, industry representatives, and the public.

Despite the confusion surrounding new electronic identity regulations in Europe, there's still plenty to be excited about.

The Consumer Financial Protection Bureau's proposal to limit the use of arbitration clauses came under attack Wednesday for potentially raising costs and liability for financial firms.

The Consumer Financial Protection Bureau's proposal to restrict the use of arbitration clauses would allow it to seize enormous amounts of data from financial firms that could lead to more enforcement actions, according to industry lawyers.

The Consumer Financial Protection Bureau's proposal to restrict the use of arbitration clauses would allow it to seize enormous amounts of data from financial firms that could lead to more enforcement actions, according to industry lawyers.

On tap at Thursday's NCUA Board meeting: the first-ever public briefing to board members on a proposal that is still under construction, a move that is aimed at creating a rulemaking process that is more open and accessible to all stakeholders.

Visa's rules for card acceptance exceed 800 pages — plus supplements — and MasterCard's are nearly 300 pages. But even though the card networks have explained their expectations in painstaking detail, the difference between strict rules and mere guidelines is much blurrier when finally given to the merchant.

With the CFPB flexing its regulatory muscles, it's no surprise that collectors are making compliance a priority.

COMPASS 4 CUs, the Woodbridge, Va.-based credit union service organization (CUSO) that specializes in regulatory compliance, said effective May 1, ownership of the CUSO was transferred from Belvoir Federal Credit Union to Pentagon Federal Credit Union (PenFed) in connection with the merger of those two credit unions.

The National Credit Union Administration (NCUA) announced Monday that 22 federally insured credit unions have agreed to pay civil monetary penalties for filing late Call Reports in the fourth quarter of 2015.

As the first significant act by Rick Metsger since taking the reins at the National Credit Union Administration, plans to push the exam cycle from 12 months back to 18 months drew a swift and positive response from the industry.

Certain types of member business loans will no longer require a personal guarantee under the new NCUA rules.