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Senate Republicans commit to vote against Cordray in committee next week

Senate Republicans on the Banking Committee remain committed to blocking any director for the Consumer Financial Protection Bureau as the final vote is expected to happen next week. The committee will vote on the nomination of former Ohio Attorney General Richard Cordray to direct the newly created agency on Oct. 6, Reuters.com... Read More...

NAFCU wants the Fed to revise fraud adjustment in Durbin Amendment

The National Association of Federal Credit Unions wants the Federal Reserve to revise the one cent fraud adjustment allowed for debit interchange transactions fees that it wrote in its Durbin Amendment rule-making language. Fred Becker, NAFCU's president, released an official statement days before the rule is scheduled to take effect,... Read More...

Lawsuits against Dodd-Frank will help repeal movement, according to expert

Legal victories against Dodd-Frank provisions will help members in Congress who support bills to repeal President Obama’s 2,319-page law, according to one financial expert. Jim Powell, a senior fellow at the Cato Institute, said that now is the time to challenge Dodd-Frank in court as it’s restriction of revenues in the... Read More...

Banks argue that new CFPB rule will trigger AG lawsuits

Banks are concerned that a new regulation on the disclosure of records and information issued by the Consumer Financial Protection Bureau could entice state attorney generals to file lawsuits based on private data collected by the agency’s examiners. The CFPB said that sharing some confidential data with states may “serve the... Read More...

New interchange schedules will hurt companies that rely on small-ticket purchases

A leading vending-machine payments processor company has warned that new Visa interchange schedules will result in a 247 percent increase in average costs. The Malvern, Pa.-based USA Technologies operates a network of vending machines and other unattended locations with 119,000 connections for 1,000-plus clients that accept credit and... Read More...

CFTC delays its vote on position limits again

The Commodity Futures Trading Commission continues to delay a final vote on position limits, a responsibility tasked to the Commission by the Dodd-Frank Act. The CFTC was originally scheduled to have a meeting on Sept. 22 in order to vote. That meeting, however, was pushed back until Oct. 4. In a recent announcement, the CFTC said that it... Read More...

Capital One defends its credit card focus

Capital One Financial is refuting charges that its proposed takeover of ING Groep NV’s U.S. online banking unit would underpin the next financial crisis. During a public hearing held by the Federal Reserve, John Finneran, general counsel for Capital One, said that the bank’s credit card focus would not put the financial system... Read More...

ABA calls for improvement of CFPB interim final rules

The American Bankers Association wrote to the Consumer Financial Protection Bureau on Monday, providing suggestions for improving its interim final rules on conducting investigations and administrative adjudication proceedings. The Financial Services Roundtable, the Mortgage Bankers Association and the Consumer Bankers Association also... Read More...

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