Compliance

In 2010, lawmakers passed bipartisan reforms to bring transparency and competition to a debit card swipe fee market that had previously been void of both. Now, members of Congress want to undo that progress.

The national CU trade associations and state leagues all have differing methods of how they distribute their political fundraising dollars, but all agreed that any candidate that supports credit unions is a candidate worth supporting.

Lisa McDougald, the deputy general counsel at the $222 billion-asset BB&T in Winston-Salem, N.C., and Leon Holschbach, chief executive at Midland States Bancorp, a $3 billion-asset company in Effingham, Ill., were appointed to the board this summer.

The Consumer Financial Protection Bureau filed a lawsuit this week against a Van Nuys, Calif., credit repair company for deceptively marketing its services and charging consumers illegal fees.

A compliance-at-all-costs mentality, which is the overarching attitude in many banks, results in overspending and overallocating valuable resources to meet both real and perceived compliance standards.

A mix of lawmakers, regulators and industry stakeholders discussed reforming Dodd-Frank and other hot topics at the National Association of Federal Credit Union’s conference on Capitol Hill.

Despite praise from CFPB Director Richard Cordray, tension was high during his address at the conference, which also featured a variety of lawmakers alternately criticizing and defending the bureau.

Other investigations related to Wells Fargo may prevent the Consumer Financial Protection Bureau from sharing confidential information with House investigators, Director Richard Cordray said Thursday.

Despite several attempts over the past two weeks, Wells Fargo has been unable to quell the furor surrounding revelations that thousands of employees opened millions of phony accounts. Here's why.

Republican lawmakers are pushing back against claims by the Consumer Financial Protection Bureau's allies that it rooted out fraud at Wells Fargo, arguing the L.A. City Attorney and the Los Angeles Times brought the situation to light.