Readers slam credit unions’ ever-inclusive membership criteria, weigh in on the OCC’s proposed fintech charter, encourage a rewrite of the CRA, and more.
The nation’s largest state set out to bring a once-illicit industry into the financial mainstream but is now running into a Washington, D.C.-size barrier.
Expanding the definition of a credit union's "common bond" so that it is essentially meaningless appears to be the direction the industry and its regulator are headed.
The CFPB and others believe alternative data could provide more credit to the unbanked. Small banks and credit unions, however, have lingering concerns about breaking from traditional underwriting.
The trade group filed a brief backing an effort by the American Bankers Association to push back against the NCUA's planned revisions to field-of-membership regulation.
Credit unions continue to press the Consumer Financial Protection Bureau for regulatory relief, arguing that existing exemptions have not gone far enough.
The Treasury Department significantly raised an estimate for how much the exemption will cost the government over the next decade, giving bankers some hope that their complaints are finally being heard.
