Compliance

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.