|Richard Cordray, Director of the Consumer Financial Protection Bureau (CFPB)|
CORDRAY CONFIRMED AS CFPB DIRECTOR
updated 07/16/13 10:28 AM
Part of Broader Senate Deal
The U.S. Senate voted 66-34 on Tuesday to confirm Richard Cordray as director of the Consumer Financial Protection Bureau (CFPB).
Although his official nomination was pending since late 2011, he has already been working in the capacity of "director" and leading the bureau.
Financial institutions under $10 billion in assets aren’t directly supervised by the CFPB, but this fact hasn't cured the uneasiness rippling throughout some credit union CEO circles, especially since the industry still shoulders the added workload from disclosure and other compliance requirements.
However, Cordray has said the credit union industry's lending model "is a responsible model, and it deserves to be treated differently under our rules than other types of lending."
His “recess appointment” would have expired at the end of 2013, although the intent behind this appointment was for him to continue his original five-year term. After being nominated by President Barack Obama, but not confirmed by the Senate, Cordray was installed through this controversial recess appointment by Obama in January 2012, and was re-nominated by the president in January 2013.
In that same month, a federal appeals court invalidated Obama’s other recess appointments to the National Labor Relations Board (Noel Canning v. NLRB) that were made during the same period Cordray was originally appointed, a move that had some constitutional experts calling into question whether the CFPB director’s appointment will remain valid.
Also, another suit in federal court challenged the constitutionality of the Dodd-Frank Wall Street Reform and Consumer Protection Act (State National Bank of big Spring Texas, et al. v. Geithner et al.), claiming the bureau was unconstitutional because it is politically insulated from the congressional budgetary appropriations process, and thus skirts congressional oversight.
Many Senate Republicans had vowed they would oppose any nominee unless the CFPB's funding and leadership structure were changed. However, the vote went forward Tuesday after the GOP agreed to allow a vote as part of a broader Senate deal on other pending nominations.
In a letter to Cordray, Credit Union National Association (CUNA) President and CEO Bill Cheney congratulated Cordray on his confirmation and noted that CUNA and credit unions look forward to continue working with him and his senior staff to protect consumers while minimizing credit unions' regulatory burdens.
LEAGUES TO CONGRESS: SUPPORT NEEDED updated
11/24/15 11:41 AM
NCUA's Charter and FOM Proposal
The California and Nevada Credit Union Leagues will be working with its congressional delegation from both states to enlist support for the National Credit Union Administration’s (NCUA) proposed rule on chartering and fields of membership.
NEVADA'S MOMENT IN THE SUN updated
11/24/15 08:17 AM
Local CU vs. Bank Footprint
Nevada credit unions could be on track to surpassing every other state as the No. 1 loan originator in the industry during the past quarter compared to a year ago—a trend that speaks of the deep, years-long financial rebuilding process taking place for residents living in one of the hardest hit regions during and after the Great Recession.
NCUA: FIELD OF MEMBERSHIP CHANGES updated
11/19/15 12:55 PM
CUs Encouraged to Comment
At the National Credit Union Administration’s (NCUA) board meeting this morning, the board issued a field of membership (FOM) proposal for comment. The California and Nevada Credit Union Leagues will carefully review the proposal and provide members with more information it the near future. Member credit unions are encouraged to consider and comment on the proposal, including support of positive changes and thoughts on how it can be further improved. Comments will be accepted for 60 days after the proposal is published in the Federal Register.
LEAGUES ADVANCE 'JUNTOS AVANZAMOS' updated
11/16/15 11:14 AM
SCE FCU Becomes First in CA
The California and Nevada Credit Union Leagues have announced a partnership with the National Federation of Community Development Credit Unions to help interested credit unions in both states become designated as “Juntos Avanzamos” (Together We Advance) organizations.
NCUA OPEN FORUM: 'LICU' DESIGNATIONS updated
11/16/15 02:25 PM
Upcoming FOM Considerations
At the National Credit Union Administration’s (NCUA) open forum on Oct. 30, a representative from the California and Nevada Credit Union Leagues asked for clarification on how and when the NCUA reviews low-income credit union designations.
AGENDA: BILLS TO KEEP CFPB IN CHECK updated
11/16/15 02:20 PM
House Lawmakers Return
On the House agenda for consideration in the coming days are two bills the California and Nevada Credit Union Leagues and the Credit Union National Association (CUNA) support as a means toward keeping the Consumer Financial Protection Bureau (CFPB) in check.
LEADERS MEET WITH REP. LINDA SANCHEZ updated
11/13/15 12:32 PM
Ten Different Credit Unions Represented
As reported earlier in the Leagues' Advocacy Blog, credit union leaders met today with Rep. Linda Sanchez.
NCUA POSTS RISK-BASED CAPITAL VIDEO updated
11/10/15 08:43 AM
Summary of Rule's Framework
Credit union managers, staff, and boards can learn more about the National Credit Union Administration’s (NCUA) risk- based capital rule and what to expect during its three-year implementation period in a new video recently released by the agency.
Nevada CU CEO Testifies at Hearing updated
11/09/15 12:23 PM
Regulations Facing CUs Discussed
The House Committee on Small Businesses held a subcommittee field hearing this afternoon in North Las Vegas. Representative Cresent Hardy (R-N.Las Vegas) as Chairman of the Subcommittee on Oversight, Investigation and Regulation invited Robin Simmers, CEO of Pahranagat Valley Federal Credit Union of Nevada to testify on the topic of overburdening regulations facing credit unions as both a financial institution and small business. In her testimony, Simmers raised several continual concerns addressing small and rural credit unions such as BSA compliance, one-size fits all rules in CFPB regulation, and examinations of smaller credit unions. A link to her written testimony (available in the days ahead) and details on the hearing can be found here.
LEAGUE PAC ACTIVITIES AT 'REACH' updated
11/09/15 12:09 PM
Golf Tourney; CU Leaders Honored
In addition to the array of speakers, REACH 2015 also featured a sold-out PAC Golf Tournament and credit union leaders and vendors being honored for their contributions to political advocacy.
NCUA's MCWATTERS, METSGER AT 'REACH' updated
11/09/15 11:16 AM
Board Members Discuss Topics
REACH 2015 attendees were treated to visits by both National Credit Union Administration (NCUA) Board Member Mark McWatters and Vice Chairman Rick Metsger during the conference. Below are some highlights.
SPEAKERS ENLIGHTEN 'REACH' ATTENDEES updated
11/09/15 04:03 PM
Impart Insightful Perspectives
Last week’s REACH 2015 featured an array of inspirational speakers who gave attendees ready-to-implement tactics and ideas to recharge their credit unions and rethink what’s possible.
APRIL RINNE: THE 'SHARING ECONOMY' updated
11/06/15 11:45 AM
Potential for Credit Unions
April Rinne—advisor on the “sharing economy” and young global leader for the World Economic Forum—brought the “REACH” conference to a close Friday by defining the sharing economy and exposing credit unions to how this growing sector of the world is making a fundamental paradigm shift in consumers and workers relating to each other.
SULLIVAN: YOU’RE A CORPORATE ATHLETE updated
11/06/15 11:41 AM
Managing Energy, not Time, is Key
Stacey Sullivan, performance coach with Johnson & Johnson’s Human Performance Institute, left “REACH” conference attendees with some insightful parting words in the second-half of Friday morning’s general session.
DAVE LOGAN: KNOW WHAT NOT TO CHANGE updated
11/06/15 11:13 AM
5 Stages Professionals Work In
Dave Logan, president of CultureSync, challenged attendees on the last day of the “REACH” convention to never change “things that always must stay the same—because they ground us and tell us who we are.”
PANEL: SOLVE YOUR MEMBERS' PROBLEMS updated
11/06/15 07:45 AM
Plus, REACH Innovation Group
Two significant innovation-centered segments during Thursday afternoon’s general session at “REACH” had audience members searching for how they could implement new concepts at their credit union.
CU LEADERS AWARDED: 'PAC' ADVOCACY updated
11/05/15 12:34 PM
California and Nevada Advocates
The California and Nevada Credit Union Leagues honored recipients of its annual PAC Awards (Political Action Committee) on stage during “REACH” on Thursday afternoon, paying tribute to the hard-working efforts of political advocacy.
NCUA'S MCWATTERS VISITS 'REACH' updated
11/05/15 12:32 PM
Advocates Better NCUA Communication
National Credit Union Administration (NCUA) Board Member Mark McWatters stopped by the California and Nevada Credit Union Leagues’ annual conference, “REACH,” to address credit union executives and board members regarding his agenda and the agency’s plans toward the end of the year.
SPEAKERS ENLIGHTEN ATTENDEES updated
11/05/15 12:31 PM
Pierce, Rutkowski, and Suber
Three outstanding innovators and thinkers took to the stage during Thursday morning’s general session at “REACH,” opening credit union leaders’ eyes to the possibilities of what role that crypto-currency, digital disruption, the “access economy,” and peer-to-peer lending might play in the industry.
LEADERS HONORED WITH LEAGUE AWARDS updated
11/05/15 12:31 PM
For Their Service and More
Six credit union leaders from California and Nevada were honored at a private reception and on stage during Thursday’s general session of “REACH” with the California and Nevada Credit Union Leagues’ annual “League Awards.”
PABLOS HOLMAN EXCITES 'REACH' CROWD updated
11/05/15 07:20 AM
'Invent' to Impact Community
Pablos Holman challenged Wednesday afternoon’s “REACH” audience during opening general session to “think about providing consumers what others can’t” and “what our relationship will be with change and disruption now and in the future.”
NCUA'S RICK METSGER AT 'REACH' updated
11/04/15 11:58 AM
Discusses MBL and FOM
National Credit Union Administration (NCUA) Board Member Rick Metsger visited a credit union volunteer reception and executive reception during this year’s “REACH” conference to foster the relationship credit unions have with their federal regulator.
SHAPIRO RECEPTION: HUB FOR SMALL CUs updated
11/04/15 11:56 AM
Leaders Look Back, and Forward
CEOs and other leaders from small credit unions—often cited the backbone and soul of the credit union industry—gathered at a special annual reception during “REACH” on Wednesday afternoon to honor how far they’ve come within their collaborative efforts, as well as take a peak into the future.
CMN DIAPER PROJECT GAINS SUPPORT updated
11/04/15 11:55 AM
'REACH' Attendees Participate
More than two dozen “REACH” attendees headed over to the Children’s Miracle Network (CMN) diaper project, where they put together diaper pins that were “premature” baby size—a remembrance of just how small a life can struggle with illness or disease.