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Warren calls on credit unions to help re-nominate CFPB Director Cordray

On Wednesday, Sen. Elizabeth Warren (D-Mass.), a staunch supporter of the CFPB, asked credit union employees to speak to their representatives and to push for Director Richard Cordray’s re-nomination, which could be blocked by congressional Republicans. “If you think the CFPB has done balanced work and has looked out for credit unions,... Read More...

Credit unions impacted by Durbin Amendment despite exemption

Since the Durbin Amendment took effect in October 2011, the provision has led to mixed results for credit unions across the country, with some warning that the exemption provided to community financial institutions may not be effective. While all but four credit unions across the country were exempt from the rule, executives said that, on a per... Read More...

U.K. Office of Fair Trading publishes guidance on authority to suspend consumer credit licenses

The U.K.’s Office of Fair Trading has published guidance regarding when and how it will use its new ability to suspend consumer credit licenses, an authority granted to the regulator by the 2012 Financial Services Act. Before the legislation, licensees undergoing proceedings regarding the suspension of their licenses were allowed to continue... Read More...

Polish government loosens consumer credit regulations to boost struggling economy

As part of an effort to reinvigorate the economy, the Polish Financial Supervision Authority — or KNF — recently decided to ease regulations governing consumer loans. Despite opposition from KNF head Andrzej Jakubiak and his two lieutenants, the KNF board went ahead with the changes, which included easier credit scoring for all banks... Read More...

Debt delinquencies on the rise in UAE following presidential pardon of borrowers

The Central Bank of the United Arab Emirates is currently in the process of reviewing the debt default rates for Emirati borrowers following a presidential pardon intended to help borrowers avoid jail time for check fraud. Since the presidential decree in October, lenders have seen an increased number of Emirati borrowers who have fallen behind... Read More...

Bachus speaks on Durbin Amendment, looming sequester

Spencer Bachus, the chairman emeritus of the House Financial Services Committee, said during a speech on Tuesday that Congress may “revisit” Dodd-Frank’s Durbin Amendment, citing the provision’s unintended impact on local financial institutions. While credit unions and other small financial institutions are supposed to be protected... Read More...

Bernanke advocates fewer short-term spending measures

Federal Reserve Chairman Ben Bernanke testified before the House Financial Services Committee on Wednesday, saying that he would be “supportive of a less front-loaded set” of short-term spending cuts. “My suggestion for your consideration is to align the timing of your fiscal consolidation better with the problem, that is to do... Read More...

Investors uninterested in Dodd-Frank executive pay disclosure provision

While a provision of Dodd-Frank requires public firms to disclose executive pay to workers’ pay as part of an effort to protect shareholders, investors may have little interest in the provision. The SEC has yet to write the regulations pertaining to the disclosures, but Commissioner Luis Aguilar sent a letter last week to Timothy Bartl, the... Read More...

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