|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.
INDUSTRY LEADER AND MENTOR PASSES updated
04/25/16 12:43 PM
O'Rourke 'Will be Missed'
Gene O’Rourke—who left a 40-year legacy of helping shape and place leaders in the credit union industry throughout California and the nation—died this past Friday. He was 70.
LEAGUES COMMENT ON OTR, FEE METHODS updated
04/25/16 04:12 PM
Plus, NCUA's 2 New Proposals
The California and Nevada Credit Union Leagues have told the National Credit Union Administration (NCUA) that federally insured state-chartered credit unions (FISCUs) and federally chartered credit unions (FCUs) should be treated equitably in their comment letter on the Overhead Transfer Rate (OTR) and Operating Fee Schedule Methodologies.
REG COMMITTEE RESPONDS TO CORDRAY updated
04/19/16 09:31 AM
CU Leaders Express Opinions
In Consumer Financial Protection Bureau Director (CFPB) Richard Cordrary’s recent response to a congressional letter that calls on him to fully utilize the bureau’s exemption authority for community financial institutions, Cordray cites examples of how the bureau has already used this authority.
NCUA SELECTS NEW REGION V DIRECTOR updated
04/19/16 07:31 AM
Plus: Proposed Rules; Comments Needed
The National Credit Union Administration (NCUA) has selected Cherie Freed as regional director of the agency’s Region V office in Tempe, AZ. She will replace current Regional Director Elizabeth Whitehead, who will retire in May after 28 years of service.
AUTOS MAY PEAK AT 18 MILLION IN 2017 updated
04/19/16 05:40 PM
Decisive Moment for Credit Unions
Credit unions’ speedy, record breaking growth in auto lending might peel even more rubber in 2017. But how will they handle a plateau and subsequent drop in sales when the current business cycle runs its course?
RESPECTED ECONOMIST DIES AT 63 updated
04/14/16 04:38 PM
Esmael Adibi on SchoolsFirst Board
A beloved and well-respected forecaster on the California economy over the past 38 years—as well as credit union board member of SchoolsFirst FCU—died of complications from a stroke on April 8.
ADVOCACY IN FULL SWING AFTER 'GRR' updated
04/12/16 08:51 AM
Upcoming Committee Meeting on PACE
Credit union advocates may have left Sacramento last week after the 2016 California Government Relations Rally (GRR) came to a close, but state legislative efforts on a number of issues remain in full swing as the industry continues fighting for its members.
NV CUs SPECIFIED IN SENATE HEARING updated
04/11/16 01:50 PM
More Action is Forthcoming
In the California and Nevada Credit Union Leagues’ continual push for the Consumer Financial Protection Bureau (CFPB) to fully use its exemption authority for credit unions, Nevada credit unions were specifically discussed by Sen. Dean Heller (R-NV) during the first of two hearings last week regarding the CFPB’s impact.
MODERNIZATION BILL MOVES TO ASSEMBLY updated
04/05/16 09:24 AM
CA Gov. Relations Rally Kicks Off
Sacramento is front and center for credit union advocacy this week as two powerful events unfold that are integral to the cause of the industry and its members across California: the state-charter modernization bill and the 2016 California Government Relations Rally (GRR).
SACTOWN RAISES NEARLY $200K FOR CMN updated
04/05/16 09:03 AM
Benefits CA/NV Children's Hospitals
The sixth annual Credit Union SacTown Run—which took place Sunday, April 3 in downtown Sacramento, CA—raised nearly $200,000 for Children’s Miracle Network hospitals in California and Nevada. The event was sponsored by CU Miracle Day, Inc. along with 69 credit unions and credit union businesses including the California and Nevada Credit Union Leagues.
CFO: INSIGHT ON FASB's 'TRG' MEETING updated
04/05/16 08:54 AM
Current Expected Credit Loss
On April 1, the Financial Accounting Standards Board (FASB) met with its Transition Resource Group (TRG) on the proposed accounting standards update (ASU) for credit losses, which would implement a forward-looking Current Expected Credit Loss (CECL) model.
EVENT WILL LAUNCH DYNAMIC DISCUSSION updated
04/04/16 04:24 PM
'Your Economy, Your Credit Union'
Credit unions can join their peers from across California and Nevada to engage with three renowned experts on June 16 during "Your Economy—Your Credit Union: 2017 and Beyond," a first event of its kind!
CUs PREPARE TO UNITE IN SACRAMENTO updated
03/29/16 09:31 AM
Register for 'GRR' Today
All credit union advocates are needed in Sacramento as momentum builds toward the 2016 California Government Relations Rally (GRR) from April 4-5, where executives, managers, and board volunteers will discuss important topics with state lawmakers to help protect credit unions and allow their members to thrive.
GROUP TO PROVIDE FEEDBACK ON 'CECL' updated
03/29/16 08:11 AM
Two CUs Part of Discussion
Two credit union CFOs will be a part of a key meeting this week leading up to the Financial Accounting Standards Board’s (FASB) expected mid-2016 decision on its proposed accounting standards update (ASU) on credit-losses standard.
FOUNDATION RECEIVES DIAMOND AWARDS updated
03/25/16 10:49 AM
Efforts Leveraging Video & Financial
The National Credit Union Foundation (the Foundation) was honored with two Diamond Awards—awards that recognize outstanding marketing and business development achievements in the credit union industry.
CONSUMER PROTECTION ADDED TO BILL updated
03/21/16 10:46 AM
'PACE' Momentum Heats Up
A significant amendment was made last week to Assembly Bill 2693 to address the huge consumer protection issues surrounding Property Assessed Clean Energy (PACE) programs that credit unions in California and their members have begun to encounter.
WINE AUCTION RAISES 1M FOR CMN KIDS updated
03/21/16 09:07 AM
$4.8 Million Since 2006
For the second year in a row, the annual Credit Unions for Kids Wine Auction raised more than $1 million for the 11 Children’s Miracle Network Hospitals in California and Nevada.
CUNA: BYLAW MODERNIZATION APPOVED updated
03/21/16 01:59 PM
Membership Votes for Open Model
More than 90 percent of participating Credit Union National Association (CUNA) members (representing more than 43 percent of total membership) has voted to modernize the association’s bylaws, which will create a new, open membership model for CUNA and empowers the board of directors to maintain a fair dues formula and board structure.
NCUA'S WHITEHEAD MEETS WITH LEADERS updated
03/18/16 04:03 PM
Region V Responds to Concerns
Last week representatives from the California and Nevada Credit Union Leagues met with National Credit Union Administration (NCUA) Region V Director Liz Whitehead and Associate Regional Directors Mike Dyer and Cherie Freed.
329 CONGRESSMEN TO CFPB: EXEMPT CUs updated
03/14/16 01:22 PM
Letter Co-Authored by Rep. Schiff
A letter co-written by California Rep. Adam Schiff, D-Los Angeles, and Rep. Steve Stivers, R-Ohio, asking for the Consumer Financial Protection Bureau (CFPB) to fully exercise its rule-making exemption authority for community based financial institution recently was submitted to CFPB Director Richard Cordray.
PLEASE SEND LETTER TO FASB ON 'CECL' updated
03/11/16 10:40 AM
CUs Urged to Act
Credit union leaders are urged to assist in the grassroots efforts initiated by the California and Nevada Credit Union Leagues’ to oppose the Financial Accounting Standards Board’s (FASB) proposed accounting standards update (ASU) on credit losses.
MATZ TO STEP DOWN APRIL 30 updated
03/09/16 10:57 AM
Departing After 11 Years With NCUA
Debbie Matz, Chairman of the NCUA board since August 2009, announced plans to step down from her post on April 30, according to a Wednesday press release.
CO-OP ANNOUNCES NEW EXECUTIVE ROLES updated
03/09/16 02:46 PM
Sarah Canepa Bang and Craig Beach
CO-OP Financial Services is announcing new assignments for Sarah Canepa Bang and Craig Beach, two members of its Executive Management Team (EMT), designed to enhance the company’s corporate partnerships and shared branching network.
CMG NAMED A 'MOST ETHICAL COMPANY' updated
03/07/16 12:58 PM
Third Time in Four Years Recognition
California and Nevada Credit Union League business partner CUNA Mutual Group has been recognized as a 2016 World’s Most Ethical Compay by the Ethisphere Institute, a global leader in defining and advancing the standards of ethical business practices.