NCUA: Different Roles, Different Oversight

first_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, Government, Headlines, News July 6, 2017 1,326 Views Data Provider Black Knight to Acquire Top of Mind 2 days ago  Print This Post Tagged with: CFPB NCUA About Author: Brianna Gilpin Previous: Dear HUD; Love, Senators Next: Homeowners Associations: The Robin Hood of Foreclosure The Week Ahead: Nearing the Forbearance Exit 2 days ago Related Articles CFPB NCUA 2017-07-06 Brianna Gilpin Demand Propels Home Prices Upward 2 days agocenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Mark McWatters, Chairman of the National Credit Union Administration (NCUA), recently sent a letter to the Consumer Financial Protection Bureau (CFPB) Director Richard Cordray asking that federally insured credit unions be exempted from CFPB oversight.McWatters argues that the credit unions, as not-for-profit, and consumer-owned financial institutions, have a different role than for-profit, investor controlled financial institutions.McWatters also says that the punitive fines that the CFPB uses for enforcement is “particularly inequitable when compared to the impact such fines have on investor-owned, for-profit financial institutions…the imposition of aggressive punitive fines on the very FICU credit union consumers that the CFPB is tasked with protecting ‘for the benefit of consumers’ is tantamount to imposing a ‘the beatings will continue until morale improves’ approach to consumer protection enforcement.”The NCUA already regulates credit unions, McWatters adds, and has more enforcement tools at its disposal than does the CFPB, with the ability to go after affiliated parties, not just federally insured credit unions. He also explained that exempting federally-insured credit unions from the bureau’s jurisdiction would allow the NCUA to “act as the primary agency responsible for the examination and enforcement of consumer financial protection laws for only six additional FICUs,” which, he added, would free up resources for the CFPB.The National Association of Federal Credit Unions (NAFCU) applauded McWatters’ letter.“NAFCU – from the bureau’s inception – was against the CFPB having direct oversight over credit unions and was the only financial services trade association to take that stance,” said NAFCU President and CEO Dan Berger, in a prepared statement. “NAFCU and its members thank Chairman McWatters for making this request directly to Director Cordray.”In the event that Cordray does not want to move forward with exempting federally insured credit unions from the bureau’s oversight, McWatters requested that the two agencies work together to conduct all examinations of those institutions jointly. Brianna Gilpin, Online Editor for MReport and DS News, is a graduate of Texas A&M University where she received her B.A. in Telecommunication Media Studies. Gilpin previously worked at Hearst Media, one of the nation’s leading diversified media and information services companies. To contact Gilpin, email [email protected] Sign up for DS News Daily Servicers Navigate the Post-Pandemic World 2 days ago NCUA: Different Roles, Different Oversight Home / Daily Dose / NCUA: Different Roles, Different Oversight The Best Markets For Residential Property Investors 2 days ago Subscribelast_img read more

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Highland’s Farming News – Thursday 30th July

first_img Highland’s Farming News – Thursday 30th July Previous articleBallinderry’s Aaron Devlin loses fight for life.Next articleWild Lives: Listen back to Donegal’s wild side Ep5 admin WhatsApp Audio Playerhttp://www.highlandradio.com/wp-content/uploads/2015/07/FarmJuly30th2015.mp300:0000:0000:00Use Up/Down Arrow keys to increase or decrease volume. PSNI and Gardai urged to investigate Adams’ claims he sheltered on-the-run suspect in Donegal Dail to vote later on extending emergency Covid powers HSE warns of ‘widespread cancellations’ of appointments next week Google+ A 15 Minute Programme presented by Chris Ashmore every Thursday at 7.05pm highlighting all that’s happening in the farming community. NewsPlayback Facebook Twitter By admin – July 30, 2015 Pinterest Twitter Google+ RELATED ARTICLESMORE FROM AUTHOR WhatsApp Pinterest Facebook Man arrested in Derry on suspicion of drugs and criminal property offences released Dail hears questions over design, funding and operation of Mica redress scheme Man arrested on suspicion of drugs and criminal property offences in Derrylast_img read more

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