By The Way

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A Message from the President 

KENTUCKY STRONG

The last couple of weeks we’ve seen these words on banners, signs, t-shirts and fundraising sites. These words have possibly never rung truer. The communities that were devastated by horrific storms that tore through the Commonwealth have experienced the worst of the worst. Our hearts and prayers continue to be with these communities as they begin to rebuild.

I would like to take a moment and focus on Credit Union Strong. The generosity I have seen over the last few weeks from the Credit Union industry across the state and the country doesn’t surprise me, however, it does remind me of what a blessing it is to be a part of this movement. While I’m not going to try and name everyone who has reached out for fear of leaving someone out, I will say that Leagues, Credit Unions, Associations, and industry partners have reached out wanting to know how they could help and to let us know they were praying for our Credit Union families and communities.  I’ve heard from Credit Union CEOs I’ve never met and even had an offer to bring a mobile branch to assist with serving members.  The dollar amounts folks have contributed is amazing and very much appreciated.

The Credit Unions in the impacted areas didn’t blink.  As soon as daylight broke, they were out checking on employees, families, communities and facilities. These Credit Union leaders immediately got to work and had their offices open in some capacity within 48 hours of the destruction. They went into serving mode and started toy drives, donation drives and adjusted their products and services to meet their members’ needs. I know what you’re thinking, Credit Unions do these things every day. They don’t need a storm to put words into action. 

Exactly, CREDIT UNIONS DO THIS EVERYDAY.  Credit Unions are different than other financial institutions and you make a difference every day in the lives of your members, employees and communities.  This industry is Credit Union Strong, every day.

Our thoughts and prayers continue to be with the impacted communities. As 2021 comes to a close, and as communities start to rebuild, and resolutions are made, let’s pause to appreciate everything we’ve been given and look forward to the opportunities that 2022 will bring.

From your League Board and staff, we want to wish you a prosperous and Happy New Year.

Sincerely,
Debbie Painter
League President

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Governmental Affairs Update

For the final By the Way of 2021, I wanted to share a bit of a wrap-up for the year.  Specifically, I wanted to look back at the year and share a few of our accomplishments and a few ongoing projects. This newsletter isn’t long enough to hold all the details from these projects so I will do my best to summarize in a way that makes sense, but please do not hesitate to reach out to me directly with any questions or to discuss further.

County Clerk Modernization

  • Over the course of the summer and fall, we have been working closely with a large coalition of industries impacted by the COVID-19 related closures of County Clerks offices to design and build support for a bill to modernize County Clerk operations. Specifically, we have been focused on provisions that update and implement and Electronic Lien & Titling system.  These updates, which have been included in the proposed bill will prevent many of the issues Credit Unions experienced trying to file liens with County Clerks during the uncertainty of the pandemic.

IRS Reporting Proposal

  • As the many calls to action and much news coverage has likely made clear, this year as part of the President's proposed Build Back Better social infrastructure proposal there was an effort to expand the reporting that financial institutions send to the IRS. The administration stated that this initiative was intended to enable the IRS to identify individuals who were under-reporting or not reporting their taxable income at all and close the so-called “tax gap” between what the IRS believes it is owed by US taxpayers and what it actually receives in a given year. This would have placed an incredible burden on the backs of financial institutions in terms of compliance and all the extra work that would be needed to complete this reporting, not to mention the valid privacy concerns that go with turning this much data on members' finances over to the federal government. 
    • Credit Unions sprang into action across the country sending messages directly to their members of Congress, and CUNA/League professionals began direct engagement with those same members to build a wall of bipartisan opposition in the House of Representatives.  Largely thanks to the work of the CUNA/League system that bipartisan opposition made itself heard and the IRS provision was not included in the bill that passed the House.  While that was a strong testament to the advocacy power of the Credit Union industry, the work is not over as the bill currently is still being debated in the Senate.  Regarding that power, we saw over 10,000 messages sent to Members of Congress from Kentuckians using the CUNA system alone. 

FY2022 NDAA

  • The National Defense Authorization Act (NDAA) is one of, if not, the only pieces of legislation that is passed on a bipartisan basis every year.  This year was no exception, the FY2022 NDAA passed and was signed into law just this month. In recent years, the passage of this bill has come with some wrangling over the issue of allowing rent-free access to military bases to banks as a matter of course.  In previous years Credit Unions have been successful in having this provision removed prior to passage, this year, however, our industry was able to ensure that this provision never even made it into a public draft of the legislation.

Sincerely,
Kyle Hagerty, CUCE
Director of PR & Governmental Affairs

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Debbie Painter elected to CUNA Board of Directors

Last week, the Credit Union National Association (CUNA) announced the results of its board elections, including the election of Kentucky Credit Union League President, Debbie Painter. 

Painter was nominated as a candidate for CUNA’s Class D, representing leagues.  Painter joins the Board for the first time.

“It is such an honor and privilege to be elected by my peers to serve on the CUNA Board,” said Painter. “I look forward to not only serving alongside my fellow League Presidents and Credit Union Executives but also learning from this group of dedicated professionals.  I am excited to be a part of the team helping advise and guide CUNA on how we can work together for the continued success of our industry.”

Other directors elected include:

  • District 1, Class A (Special Election):  Lori J. Herrick, President/CEO, Manchester Municipal FCU, Manchester, Conn. 
  • District 3, Class B:  Cecilia Homison, Chief Executive Officer, First Commerce CU, Tallahassee, Fla. 
  • District 5, Class B:  Gregory W. Gallant, President/CEO, Tulsa FCU, Tulsa, OK
  • Class D (two positions):  Debbie Painter, President/CEO, Kentucky CU League, Louisville, KY and Caroline Willard, President/CEO, Cornerstone League, Plano, TX

The following individuals were elected by acclamation to the CUNA Board:

  • District 2, Class A:  Joe Thomas, President/CEO, NextMark Credit Union, Fairfax, Va.
  • District 6, Class A:  Jim Morrell, CEO, Peninsula Community FCU, Shelton, Wash.
  • Class C (two positions):  John Sackett, Director, Royal CU, Eau Claire, Wis. and Debbie Smith, President & CEO, Georgia United Credit Union, Duluth, Ga.

Directors elected will take office upon adjournment of CUNA's annual general meeting on February 28, 2022 during CUNA’s Governmental Affairs Conference and will serve for a three-year term.

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Kentucky Credit Union League introduces [email protected] Youth Apprenticeship Program

The Kentucky Credit Union League has partnered with the Kentucky Education Workforce Development Cabinet to provide students a pathway into the financial services industry.

The [email protected] Youth Apprenticeship Program provides a learning pathway, utilizing on-the-job supervised training combined with specified coursework.  Beginning January 2022, high school students at select high schools in Business Education pathways will be able to choose a Teller TRACK (Tech Ready Apprentices for Careers in Kentucky) which will lead to a nationally recognized apprenticeship certificate as a Teller.  

The apprenticeship can begin during the student’s Junior year.  Students will work at an actual credit union.  It’s a great way for young adults to gain a qualification and begin a career while earning an entry-level wage with opportunities for wage increases.

"A teller is the most important job of a credit union because the majority of a member's needs are fulfilled by a teller," said Andrew Barr, Credit Union Support & Engagement Officer at the Kentucky Credit Union League.  "This certification is a good way of learning about the financial services industry and there are many career paths you can choose from this position such as lending, marketing, accounting, counseling, and IT.”

The [email protected] Youth Apprenticeship Program will also allow credit unions to grow their team using local students that have a good foundation in business skills and an interest in the financial services industry.  Apprentices become part of the credit union’s mission of “People Helping People.”

“We are so excited to have the opportunity to partner with the US Dept of Labor, Kentucky Office of Career and Technical Education, Kentucky Education and Workforce Development Cabinet, Credit Unions, and Highschool Business Teachers on such a worthwhile program,” Kentucky Credit Union League President, Debbie Painter, said.  “While we love the chance to assist Credit Unions in recruiting and maintaining talent, the most exciting part of the program is introducing young people to the financial industry and opening the door to a career in Credit Unions.”

There are currently four credit unions participating in the launch of the [email protected] Youth Apprenticeship Program: Abound CU, C-Plant Federal CU, Expree CU, and Service One CU.

For more information about [email protected] Youth Apprenticeship Program, click HERE or contact Andrew Barr at [email protected].

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Kentucky Credit Unions Exemplify "People Helping People" Philosophy

In times of tragedy, we are really reminded of the credit union difference of People Helping People. After the disastrous tornadoes that left destruction across Kentucky, credit unions and their members rallied to help the affected areas.

Last week, the Kentucky Credit Union League assisted Advanz Credit Union, Beacon Community Credit Union, and Chemco Federal Credit Union in delivering goods spanning from clothing, water, food, and hygiene items to affected areas.

Heather Walter, CEO of Advanz, and Andrew Barr, Support and Engagement Officer at the League, delivered two carloads to Marshall County.  Debbie Painter, League President, delivered goods to Bowling Green.

Pictures Courtesy of Lake Chem Community FCU

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Overcoming ‘impossible’ at CUNA GAC

CUNA announced their first speaker for the 2022 CUNA Governmental Affairs Conference: author, philanthropist, and all-around inspiration Mick Ebeling! Mick has been recognized around the world for his creativity, forward-thinking, and humanitarianism.

Mick’s keynote speech, “The Fallacy of Impossible,” is as relevant as ever in a world that regularly sees new innovations and breakthroughs. He’ll share what he’s learned during his passionate study of the concept of “impossible” and how to overcome it to achieve true innovation. 

He will take the stage at CUNA GAC for our ED (Filene) Talk and is just one of several captivating keynoters to be announced.

In addition to the lineup of dynamic keynoters, the 2022 CUNA GAC will feature cutting edge breakout sessions, as well as unparalleled networking and advocacy opportunities.

Register for CUNA GAC here >

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Former White House chiefs of staff to speak at CUNA GAC 

This week we announced two former White House chiefs of staff will take the main stage at the 2022 CUNA Governmental Affairs Conference. Reince Priebus, who served under President Donald Trump, and Thomas “Mack” McLarty, who served under President Bill Clinton, will offer their unique perspectives on the current political landscape during a moderated discussion.   

Register for CUNA GAC here >

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Take NCUA’s diversity self-assessment by Jan. 15

We’re encouraging all federally insured credit unions to complete NCUA’s Voluntary Credit Union Diversity Self-Assessment before Jan. 15. This is a valuable tool for credit unions committed to promoting diversity, equity, and inclusion (DEI). The data is aggregated and reported anonymously and will help credit unions identify next steps they can take on their DEI journey.

Learn more here >

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Collections & Bankruptcy Training

January 11 & 12, 2022
Virtual Learning Experience

Educational Investment:

  • Under $100 million assets: $279 per Credit Union
  • Over $100 million assets: $399 per Credit Union

Investment includes unlimited attendees from the same credit union.

REGISTER

The world of the delinquent member is never boring and it never stands still.  Much has happened over the last few months that directly impact your Collections Department.  From understanding the virtual workflow to new ways to assess default risk and improving your collections calls to understanding your rights in bankruptcy, this informative and interactive session is sure to have something for you!  It is never too late to sharpen your collections skills and better position your credit union to assist troubled members who want to work with you during these unprecedented times and maximize the recovery from everyone else. 

But that’s not all!  This often-overlooked operational area is at the unfortunate crossroads of member service and compliance risk and this creates the need to be continually looking for ways to improve our performance while limiting risk.   Very few other areas have undergone a greater regulatory transformation in the last few months than collections. 

Join credit union attorney and collections consultant David Reed for an exciting virtual training event as he highlights the latest techniques, tips and trends to maximize your collections function in the new world order.  The event includes sample checklists and procedures and ample time to answer your questions.

Can you afford NOT to attend?

The session will cover:

Day One - Maximizing Collections Opportunities 
9:00 a.m. - 12:00 p.m. ET 

  • Reviewing the Foundations of Credit Union Collections
  • Maximizing the Virtual Workflow
  • New Methods for Scoring Default Risks
  • Review Regulatory Guidance on Working with Troubled Borrowers
  • Appreciating Workout Options – From Consumer Loans to Real Estate
  • Mining for Member Service Opportunities
  • Uncovering Available Rescue Resources

Day Two - Fine-Tuning Your Bankruptcy Process
9:00 a.m. - 12:00 p.m. ET

  • Overview of Bankruptcy Rules – From Filing to Discharge
  • Maximizing Recovery Opportunities
  • Avoiding Inadvertent Violations of the Automatic Stay
  • COVID and the Bankruptcy Process
  • Account Placement Checklist

About the Speaker:  David Reed

David Reed’s training philosophy is centered on the member service approach to effective collections. In his 30 plus years of law practice, he has been a bankruptcy and collections attorney for debtors AND credit unions. 

When he “saw the light”, he went to work for a credit union and became a collections manager AND then general counsel! He may be the only attorney training credit unions today who has seen collections and bankruptcy from both the members’ and credit unions’ perspectives. 

Attorney, author, consultant and nationally recognized speaker, David A. Reed is a partner in the law firm of Reed and Jolly, PLLC. Through Reed and Jolly, Mr. Reed provides guidance to credit unions concerning a variety of matters including the establishment and revision of credit union policies and procedures, organizational compliance, collections, security, contractual agreements, regulatory matters and corporate governance. In addition to his legal expertise, Mr. Reed is a Certified Fraud Examiner and Chairman of a Supervisory Committee. His engaging speaking style has garnered him status as a regular lecturer nationwide on topics such as regulatory compliance, consumer lending, bankruptcy and collections.

A former trial attorney and Vice President and General Counsel of a large credit union, Mr. Reed is particularly noted as an expert in the areas of credit union operations, compliance, bankruptcy and collections. He has been selected to train NCUA Field Examination and Audit Staff on numerous issues including ID Theft Red Flags, S.A.F.E Act, Third Party Contract Management and Bankruptcy matters.

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IRA Training

February 15 & 16 | Online Learning Opportunity

The best way to show your commitment and success in an ever-changing retirement savings plan industry is to continue learning. 

Look to your League as your resource for IRA education.  Whether you are interested in learning the basics or want to explore more advanced topics, our training covers all aspects of IRA plans.

REGISTER FOR THE SESSION THAT MEETS YOUR TRAINING NEEDS. 

February 15th: IRA Essentials
Educational Investment: Full Day $275/person per session

9:00 a.m. - 4:30 p.m. (Break 12:00 p.m. - 1:00 p.m.)

IRA Essentials gives attendees a solid foundation of IRA knowledge.  Exercises are included throughout the day to help participants apply information to job-related situations.  Attendees will leave this session able to work with IRA owners and process basic IRA transactions with confidence.  This is a beginner’s session; no previous IRA knowledge is assumed.

Course Topics May Include >>


February 16th: Advanced IRAs
Educational Investment: Full Day $275/person per session

9:00 a.m. - 4:30 p.m. (Break 12:00 p.m. - 1:00 p.m.)

Advanced IRAs builds on the attendees’ basic knowledge to address more complex IRA issues their financial organizations may handle.  This is an advanced session; previous IRA knowledge is assumed.  The instructor uses real-world exercises to help participants apply information to job-related situations.

Course Topics May Include >>

REGISTER

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Abound CU Matching Donations for Tornado Victims; Offering Storm Relief Assistance to Members

In the wake of the devastating tornadoes in this state, Abound Credit Union is matching donations and offering two storm-relief lending options to help Kentucky storm victims, and is also offering storm-relief loans.

Abound said it will match up to $5,000 in donations made by Dec. 31, 2021. Members, and others who want to make a difference, may donate by phone, at a local branch or online within the secure message portion of online or mobile banking. All donations received by Dec. 31, 2021 will be split 50/50 between the Warren County Public Schools Synergy Relief Fund (operated by Warren County Public Schools) and the Caring for Kids Tornado Relief Drive (operated by Taylor County Schools).

In addition, Abound is also offering two storm-relief loan options. Personal loans up to $25,000 or personal lines of credit up to $15,000 are available. Storm victims with immediate cash needs are being encouraged to apply for an Abound personal loan to take advantage of quick approval, flexible payments and up to 90 days until their first payment, the credit union said.

Those impacted who want access to cash “just in case” are encouraged to apply for the personal line of credit option. Once approved, the line of credit may be drawn upon as needed up to the applicable limit, Abound added.

‘We are Here to Help’

“As many Kentuckians navigate the hardships due to recent tornadoes in Kentucky, we are here to help,” said Ray Springsteen, president & CEO of Abound Credit Union. “Our loan experts are caring people who have the flexibility to work through unique situations based on individual needs. Our team members are also part of the local communities we serve, so understand what many of our neighbors are going through right now.”

In addition to assisting with new loans, the $2-billion Abound said it is also helping members impacted by the storms with existing loan payment deferrals.

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Bettering the Bluegrass: Commonwealth Credit Union commits to 70 Acts of Service to Celebrate 70 Years

For the past 70 years, Commonwealth Credit Union has been bettering lives in the communities they serve and putting members first in everything they do. To celebrate their 70 years of service, Commonwealth Credit Union committed to performing 70 Acts of Service in 2021. 

Over the past nine months, the Commonwealth CU team has been out and about in Central Kentucky and the Louisville Metro Area performing service projects. These projects ranged from random gas and grocery gift card giveaways to collecting food for community organizations. They even got their hands dirty, literally, by spreading mulch at a building location. 

Commonwealth CU not only met their goal of performing 70 acts, but they far exceeded this goal by completing over 112 acts of service. They donated more than $1,012,685 to charitable organizations and collected over 4,300 items for non-profit groups. All in, 400+ hours of community service were completed by 160 members of their team. These projects made their 70th year one to remember! 

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Park Community Credit Union Selected to Receive up to $122.5 Million to Revitalize Underserved Communities Across Kentucky

Vice President Kamala Harris and Treasury Secretary Janet Yellen have announced Park Community Credit Union’s selection for $122.5 million from the U.S. Department of Treasury's Emergency Capital Investment Program (ECIP). The program is designed to support lending to small and minority-owned businesses and low- and moderate-income consumers especially in underserved communities that have been disproportionately impacted by the COVID-19 pandemic.

The ECIP will provide a total of $8.7 billion to designated Community Development Financial Institutions (CFDIs), with a mission to deliver fair and affordable lending to increase responsible investments in economically distressed communities. As the only financial institution in Kentucky with a CDFI designation, and the largest CDFI in the state, Park Community is in a unique position to deploy funds into the underserved areas of Kentucky that need it most.

“The real winners here are the historically excluded communities,” said Park Community Credit Union President and CEO, Jim Spradlin. “This investment will greatly expand our work to support their growth and development across the Commonwealth of Kentucky and beyond. We’re honored to be selected.”

The ECIP funds represent a major, long-term investment in mission-driven financial institutions like Park Community who are dedicated to supporting individuals and businesses that face barriers to financial prosperity and inclusion.

Read the U.S. Treasury press release Here: https://home.treasury.gov/news/press-releases/jy0530

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Service One Credit Union Announces VP, HR and Talent Development 

Amy Goodson has been promoted to Vice President, in her new role she will continue to lead our associate education and leadership training. She will continue to exemplify and lead our SOCU culture initiatives, direct all HR-related activities of the Credit Union. Amy will have key involvement in the HR strategic direction for the credit union.

Amy has been with the Credit Union for almost three years. She has 16 years of experience in Human Resources including HR leadership roles for a global company. She is a graduate of the University of Louisville with a Bachelors degree in Business/Corporate Communications. She is a DISC, Four Rooms of Change, Strengths Finders, and Predictive Index certified coach/facilitator. She is also a Certified Diversity Professional (CDP), a Society for Human Resource Management Certified Professional (SHRM-CP), and a SHRM Veteran Ambassador.

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UKFCU partners with Red Cross for tornado relief

The University of Kentucky Federal Credit Union (UKFCU) has partnered with the American Red Cross, Bluegrass Chapter, to aid Kentuckians who are rebuilding from this week’s catastrophe. UKFCU has donated $25,000 to the Red Cross fund and is matching donations dollar-for-dollar for the next $25,000 raised.

Donate to their rebuilding efforts >

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SEC Chair Says Certain Cryptocurrency Exchanges Can Expect More Enforcement

Securities and Exchange Commission (SEC) Chairman Gary Gensler is warning that cryptocurrency exchanges that don’t operate with SEC approval can expect to see more enforcement actions.

“These platforms are doing a lot more than just trading,” he said during a recent conference, noting that aside from taking custody of clients' tokens, “they’re also sometimes trading against their customer base. And they’re set up technologically differently than traditional stock exchanges.”

Calling trading platforms one of the two “big challenges” the SEC faces in asserting its regulatory control of the cryptocurrency industry, Gensler warned that any firm working in this field must at least come in and talk to the agency, Pymnts.com reported.

Repeating his claim that the cryptocurrency is the “Wild West” of finance, Gensler said that the SEC’s “main goals are around protecting the investing public, capital formation and the markets, protecting against fraud and manipulation.” He added that with “regard to these digital currencies, if you’re raising money from the public, that still comes under the securities laws.”

Asked if the crypto market was governable, Gensler said, “We have a lot of tools. The challenge here is that many projects are global. They might be located offshore as well.”

Source:  CUtoday

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Digital currencies, assets need regulation, oversight 

CUNA fears cryptocurrency is creating an unregulated financial sector. 

CUNA fears cryptocurrency and blockchain-based financial platforms are creating an unregulated financial sector that could have major repercussions to the economy, it wrote to the Senate Banking, Housing, and Urban Affairs Committee Tuesday. 

“Congress should look for ways to regulate the delivery of financial services using digital currencies to ensure that consumers are protected in the same way if they received financial services from a financial institution,” the letter reads. “Furthermore, Congress should look for ways enable credit unions and other financial institution to provide digital asset-related services, so that these services can be properly overseen by regulators.” 

Federal regulators are currently analyzing and responding to the possible impact of digital currencies, CUNA Notes, including NCUA. CUNA submitted detailed recommendations in comments filed in October with the agency. 

“These include authorizing credit unions to offer digital asset custody services to credit unions members and ensuring that the regulator does not impede credit unions’ ability to offer digital asset-related services that are permissible under the Federal Credit Unions Act,” the letter reads. 

CUNA also notes that, while digital ledger technology (DLT) allows for innovation, it still must be overseen.

“We see no reason why innovation should change the government’s role in overseeing an industry that uses DLT. The fundamental issue with DLT as applied to the delivery of financial services is that it disintermediates financial services providers and this is where the government regulates financial services,” the letter reads. 

“Eliminating or weakening the backbone of the U.S. and world economy will have consequences and we think that these consequences should be understood before consumers and the economy is harmed.” 

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Latest Data Show There’s Apparently No End to the Road When it Comes to Rising Used Car Values 

Is there no end to the road when it comes to rising used car values? There doesn’t seem to be, as used values continued their march upward in November, with the Black Book Used Vehicle Retention Index reached another record high. 

Black Book reported the Index increased to 189.9 points, a 9.7 point (or 5.4%) increase from October (180.2). The Index currently stands 45.4% above where it was this same time last year. 

“With no short-term resolutions to new inventory problems, dealers are continuing to spend money on used inventory, pushing wholesale prices up to new records across all segments in November,” said Alex Yurchenko, chief data science officer at Black Book. “Cars of all sizes and vans had the largest increases as used and new inventory in those segments declined to much lower levels compared to other segments of the market. We expect the used car prices to increase again in December but at a much lower rate as the volume of new inventory is starting to level off and consumer demand is softening a bit with record-breaking used retail prices.”  

How Index is Calculated

The Black Book Used Vehicle Retention Index is calculated using Black Book’s published Wholesale Average value on two- to six-year-old used vehicles, as percent of original typically equipped MSRP. It is weighted based on registration volume and adjusted for seasonality, vehicle age, mileage, and condition.

Click here to obtain a copy of the latest Index data. 

Source: CUtoday

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A Familiar (And Divisive) Name Could be Nominated to Oversee Banks

A name familiar to—and divisive among—many in credit unions is under consideration to serve as the Federal Reserve’s top banking regulator.

President Biden is considering Richard Cordray, the first director of the Consumer Financial Protection Bureau, to serve on the Federal Reserve. If nominated and confirmed by the Senate, Cordray would become the government’s most influential overseer of the U.S. banking system, succeeding Randal Quarles as the Fed’s vice chairman of banking supervision, noted the Wall Street Journal.

Cordray led the CFPB from its inception in 2012 to 2017, when he left to run for governor of Ohio, a race he lost. He is currently a top official at the Education Department, serving as the chief operating officer of Federal Student Aid, overseeing the $1.6 trillion student-loan program.

Senate Banking Committee Chairman Sherrod Brown (D-OH) told the Journal Cordray is one of several candidates under consideration. Cordray reportedly has the backing of Sen. Elizabeth Warren (D-MA), who was the primary driver behind the creation of the Bureau.

Many Republicans are expected to push back on any Cordray nomination.

CUs Object to Burden

While at the CFPB, “Cordray brought significant changes to consumer finance, a corner of the financial industry that had previously escaped regulatory scrutiny. The agency tightened underwriting standards for mortgages, required more disclosure on credit-card rates and fees, and introduced federal oversight to payday lending,” the Journal noted.

While most credit unions are below the threshold at which institutions are subject to CFPB regulations, the Bureau’s rules still seeped into many aspects of credit union operations, and both CU trade groups repeatedly pushed back against what they called an onerous and growing burden.

Source: CUtoday

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