Current Industry News
FTC’s Comment on the future of privacy
As the only federal agency with a dual mission to protect consumers and promote competition, the FTC is uniquely situated to comment on the future of privacy policymaking in the United States. So we welcomed the opportunity to respond to the Department of Commerce, National Telecommunications and Information Administration (NTIA) Request for Comment on “Developing the Administration’s Approach to Consumer Privacy.”
NAFCU defends CUs, hits bankers back with truth about CRA
Urging Congress not to listen to the misinformation being spread by bank lobbyists regarding the Community Reinvestment Act (CRA), NAFCU President and CEO Dan Berger reiterated Friday why this law applies to banks and provided valid reasoning – already acknowledged by Congress and regulators – as to why it does not apply to credit unions.
Vote on Kraninger for BCFP director set for week after Thanksgiving
Senate Majority Leader Mitch McConnell (R-Ky.) filed cloture Thursday on several nominations, including Kathy Kraninger to lead the Bureau of Consumer Financial Protection, setting up a Senate vote on confirmation for the week after Thanksgiving. Kraninger was nominated in June by President Donald Trump to serve as the bureau director, where she would replace Acting Director Mick Mulvaney. Mulvaney was appointed in November 2017 after the resignation of the previous director.
Payday lenders starting to close after voters limit interest rates
DENVER — Proposition 111, which passed in Colorado during the 2018 midterm election, caps interest rates from Payday lenders at 36 percent. Currently the average payday lending loan in Colorado has an interest rate in Colorado of 129%.