Compliance

Already defending itself against a suit challenging its member business lending rule, the credit union regulator now must grapple with a challenge to field of membership regulations. Some observers suggest the scope of the legal is unprecedented.

WASHINGTON — The political independence of the Consumer Financial Protection Bureau may end not with a bang — after a protracted battle in Congress — but with a whimper, the victim of a bureaucratic rule that prevents the agency from appealing a pending court case to the Supreme Court.

Legacy systems will be pressured in the year ahead to keep ahead of e-commerce, international regulations and other emerging risks.

Customers Bancorp of Wyomissing, Pa., has entered into a cease-and-desist order with the Federal Reserve related to the student disbursements business it bought from Higher One Holdings. It also agreed to pay a civil penalty of $960,000.

Rising interest rates are a near certainty, analysts say, but plenty of unknowns remain, including how populist movements in Europe might impact the global economic picture.

Banking and credit union trade groups are urging Congress to consider repealing any upcoming Consumer Financial Protection Bureau rules governing arbitration, payday lending, debt collection and prepaid cards by using its authority under the Congressional Review Act.

The American Bankers Association has filed a lawsuit against the National Credit Union Administration, arguing that the regulator's new field-of-membership rule go too far.

As expected, the American Bankers Association has filed a legal challenge against the credit union regulator’s recent overhaul of FOM rules, even as the agency is working on additional reforms.

The Consumer Financial Protection Bureau and its director Richard Cordray are on a collision course with President-elect Donald J. Trump in what could become a legal showdown over the limits to executive power.

The Consumer Financial Protection Bureau is planning to finalize its rulemaking on arbitration in early 2017, though it is unclear if the controversial regulation can be completed before President-elect Donald Trump takes office.

While the designation of Ben Carson – noted neuroscientist and former GOP presidential candidate – to run the Department of Housing and Urban Development appears like an unusual choice, lenders are hoping he can bring a fresh perspective to the industry

Credit unions and banks in California plan to participate in a new working group that will focus on the cannabis industry's lack of access to the mainstream financial system, according to state officials.

Banks and credit unions in California plan to participate in a new working group that will focus on the cannabis industry's lack of access to the mainstream financial system, according to state officials.

The Office of the Comptroller of the Currency's plan to offer a national charter for fintech firms immediately sparked a battle between consumer advocates and state regulators, who see it a dangerous move, and fintech firms and certain banks, which hailed it as the future.

Alliance is the third Texas credit union to convert to private share insurance in the last 18 months.

Federal Reserve Gov. Daniel Tarullo strongly defended bank regulators’ responses to the 2008 financial crisis and faulted competing Republican proposals to replace the Dodd-Frank Act with a simpler, single leverage requirement as shortsighted.

The Office of the Comptroller of the Currency will start granting limited-purpose bank charters to fintech companies, but intends to maintain high standards for new entrants.

Wells Fargo is making an exception to its retirement policy for its longtime general counsel, who plans to remain with the company indefinitely to deal with the fallout of the fake-accounts scandal.

Steven Mnuchin's confirmation hearing is likely to be dogged by stories of homeowners who claim his bank, OneWest, illegally foreclosed on them. While the stories are unlikely to prevent President-elect Donald J. Trump's pick from being confirmed, it could weaken Mnuchin politically and rehash grievances from the financial crisis.

The consumer watchdog group cautioned FIs to beef up their compliance management systems, but some observers questioned whether credit unions — which generally have more consumer-friendly business practices — are in the clear or if there is still work to be done.