Previous CFPB Response: In a brief issued last year, the CFPB said the EFTA excludes only bank-to-bank wire transfers.
motion to withdrawShares and deposits at federally insured credit unions its previous statement, the CFPB this week said its previous position was inappropriate, has never been embraced by any federal court prior to the current case, and could impose significant liability on regulated parties without fair notice. Further, the CFPB said, adopting this position within a statement of interest in a proceeding in which it is not a party insulated the bureau’s previous position from judicial review under the Administrative Procedure Act.
increased 14.4% in the third quarter from the previous year, the National Credit Union Administration reported.Data: The NCUA said the credit union industry’s net worth increased by 10.7%, its return on average assets rose to 112 basis points from 65 basis points a year ago, and outstanding loans increased 5.8%.
New Video: ICBA last week released a new video distinguishing taxpaying community banks from tax-exempt credit unions and urging Americans to advocate congressional hearings on how credit unions are taxed and regulated.
Ad Campaign: Shorter versions of the video will be used in the coming weeks for a social media marketing campaign targeting consumers and policymakers. It follows an ICBA print and digital ad campaign on credit unions earlier this fall.
Grassroots: Community bankers can continue urging Congress to hold hearings on credit union acquisitions via a customizable message to lawmakers on ICBA’s Wake Up page and its Wake Up Messaging Playbook.