Articles

Georgia Credit Unions Reaching More People, Lending More Money

ATLANTA, July 18, 2018 /PRNewswire/ — As more Georgia consumers take advantage of the service-driven culture of credit unions, credit unions are experiencing significant and consistent loan growth.

Bureau of Consumer Financial Protection Announces Director for the Office of Innovation

WASHINGTON, D.C. — Bureau of Consumer Financial Protection (Bureau) Acting Director Mick Mulvaney today announced he has selected Paul Watkins to lead the Bureau’s new Office of Innovation.

House Passes Hensarling’s ‘JOBS Act 3.0’

The full House on Tuesday night passed by a 406-4 vote the JOBS and Investor Confidence Act of 2018, also known as House Financial Services Committee Chairman Jeb Hensarling’s “JOBS Act 3.0,” which includes a package of 32 bills, some of which make changes to the Dodd-Frank law.

Consumer Banking Watchdog Could Take Complaints Database Offline

Taxpayers have until midnight tonight to share concerns about an end to public access of a consumer banking complaint database — the latest in a series of moves by the Trump Administration to dismantle the Consumer Financial Protection Bureau.

Thousands of U.S. Voter Personal Records Leaked by Robocall Firm

Researchers have discovered yet another misconfigured repository bucket – this time leaking the information of U.S. voters. The information was exposed on a public Amazon S3 bucket by a Virginia-based political campaign and robocalling company called Robocent.

In data dispute with Capital One, Plaid stands alone

Plaid Technologies’ public effort to blame Capital One after a security upgrade blocked the data aggregator from accessing customer data appears to have backfired.  Other data aggregators have distanced themselves from the protest, noting they have been unaffected and even speaking out in defense of Capital One.  “CapOne is a leading bank that is highly concerned about its customers’ data,” said Steve Smith, CEO of the data aggregator Finicity. “If they take steps to secure their customers’ data and other aggregators have continued access to that data, then you have to ask yourself what’s really going on there. Aggregators don’t use the same methodology across the board.”

ACCOUNT CONTROL TECHNOLOGY FOUNDATION ANNOUNCES 2018 SCHOLARSHIP RECIPIENTS

Twenty-Five Students From Around the U.S. Received $1,000 Towards Their Education

 WOODLAND HILLS, Calif. – July 18, 2018 –Account Control Technology Foundation (herein ACT Foundation), is honored to announce the 2018 recipients of the ACT Foundation scholarships. The two categories are: The ACT Foundation Second-Year Scholarship for first-year college students nationwide who will enroll as sophomores in the upcoming fall semester and the ACT Cares Community Scholarship allocated for graduating high school seniors from select communities surrounding Account Control Technology Holdings, Inc.’s (ACT Holdings) 18 office locations.  

AB 2825 Will Force Body Shops to Become Debt Collectors

If Assembly Bill 2825 (authored by Assembly member Reginald Byron Jones-Sawyer, Sr., Los Angeles) passes, auto repair shops, including collision repairers, will turn into debt collectors—a job that they’re not suited for, according to Jack Molodanof, head lobbyist for the California Autobody Association.  Originally written to deal with towing companies, AB 2825 was amended on June 18 to include any company that repairs vehicles.  

NAFCU to BCFP: Credit unions have paramount interest in resolving member issues

WASHINGTON, DC (July 17, 2018) — National Association of Federally-Insured redit Unions (NAFCU) Regulatory Affairs Counsel Andrew Morris sent a letter to the Bureau of Consumer Financial Protection (BCFP) noting credit unions have a paramount interest in resolving member issues and requested the agency remove its subjective Consumer Complaint Database from its website. The letter is in response to the Bureau’s request for information (RFI) on processes related to collecting and responding to consumer complaints and inquiries.

CREDIT UNIONS NEW REPORT: New Regs Open New Markets For Credit Unions

The credit union (CU) market has long argued that rules intended for larger, more traditional banks have unjustly been applied to their industry, stifling their growth and pace of innovation. However, recent changes in regulations could open new doors for the credit union market to more efficiently serve its members.  The July/August Credit Union Tracker looks at how the credit union market is pushing back against regulation and pursuing new innovation strategies, how regulatory changes are creating opportunities for credit unions to expand into new markets, and how one credit union is stepping up to assist members displaced by a natural disaster.