Trade Groups Sue CFPB over Arbitration Rule "Credit News 24"

The American Bankers Association, the U.S. Chamber of Commerce, the Consumer Bankers Association, the Financial Services Roundtable and seve...

Federal Court Overturns Obama Administration Overtime Rule "Credit News 24"

A federal judge in Texas on August 31 overturned the Obama administration’s final rule doubling the salary level used to determine whether e...

Canadian Regulator Suspends Advisory Restricting Use of Terms Bank, Banker, and Banking to Only Banks "Credit News 24"

The Canadian Office of the Superintendent of Financial Institutions on August 11 suspended its compliance expectations regarding the use of ...

Justice Department Ends Operation Chokepoint "Credit News 24"

In a letter to House Judiciary Committee Chairman Bob Goodlatte (R-Va.) on August 16, Assistant Attorney General Stephen Boyd formally confi...

NCUA Replies to ABA's FOM Lawsuit "Credit News 24"

The National Credit Union Administration (NCUA) filed a reply brief on August 9 to an American Banker Association (ABA) lawsuit challenging ...

NCUA's $1 Billion Legal Contingency Fee In Crosshairs of Republican Lawmakers "Credit News 24"

POLITICO PRO is reporting that Republican lawmakers are probing more than $1 billion in contingency fees paid by the National Credit Union A...

Michigan CU Settles with Justice Department over Illegal Repossession of Servicemembers' Vehicles "Credit News 24"

The Justice Department announced on July 6 that COPOCO Community Credit Union, based in Bay City, Michigan, has agreed to a settlement to re...

Massachusetts Dishonored Check Fee Set at Maximum of $7.23, Goes Into Effect on July 1 "Credit News 24"

The state of Massachusetts set the maximum dishonored check fee that state-chartered banks and credit unions may assess at $7.23. This fee ...

Legal Opinion: Asset Securitization Is An Incidental Power "Credit News 24"

On June 21, the National Credit Union Administration (NCUA) published a legal opinion letter stating that asset securitization is an inciden...

A Class Action Complaint Filed Against Centra Credit Union for Violating FCRA "Credit News 24"

In case you missed it, a class action complaint was filed earlier this year against Centra Credit Union (Columbus, IN) for violating the Fai...

Treasury Recommendations Could Impact Credit Unions and NCUA "Credit News 24"

The United States Department of the Treasury (Treasury) released on June 12th a report, A Financial System that Creates Economic Opportuniti...

Interagency Advisory Addresses Appraiser Shortage, Especially in Rural Areas "Credit News 24"

Responding to concerns over the limited availability of state-certified and -licensed appraisers, particularly in rural areas, the Board of ...

Grow Financial Alleges GTE Financial Stole Trade Secrets and Private Member Information "Credit News 24"

Grow Financial FCU in Tampa has filed suit in federal court against GTE Financial Credit Union (Tampa). The lawsuit alleges that a former e...

ABA Files Motion for Summary Judgment in FOM Lawsuit "Credit News 24"

The American Bankers Association on Friday, May 26 filed a motion for summary judgment in its case challenging the National Credit Union Adm...

The Supreme Court Limits Ability of Patent Trolls to Cherry-Pick Friendly Courts "Credit News 24"

In the case of TC Heartland v. Kraft, the Supreme Court on May 22 unanimously affirmed prior precedents that patent infringement lawsuits ca...

Banks and CUs Are Seeking Part of The Payday Lending Market "Credit News 24"

The Wall Street Journal is reporting that banks and credit unions are hoping that the Trump Administration will block the Consumer Financial...

HUD Secretary Signals Possible Policy Shift on PACE Loans "Credit News 24"

Housing and Urban Development (HUD) Secretary Ben Carson signaled this week that the administration may revisit an Obama-era policy on Prope...

Massachusetts Regulator Fines LPL $1 Million for Failing to Supervise Advisers Operating at CU "Credit News 24"

The Boston Globe is reporting that the Massachusetts Securities Division has fined LPL Financial Holdings Inc. $1 million for allegedly fail...

Supreme Court Rules that Cities May Sue Banks under the FHA "Credit News 24"

On May 1, the Supreme Court in a 5 to 3 decision ruled that cities may sue lenders under the Fair Housing Act (FHA), alleging reduced proper...

Credit Suisse Settles with NCUA over Toxic Mortgage Securities "Credit News 24"

The National Credit Union Administration (NCUA) announced that it received $400 million from Credit Suisse for claims arising from losses re...