The president-elect has legal backing to fire Director Kathy Kraninger thanks to a recent court ruling, but Republicans are prepared to challenge his ability to choose her successor.
As it attempts to craft policy on access to consumers’ financial account information, the agency is wading into a battle between those who want data to flow more freely and those who prioritize security.
Bill Bynum, president and CEO of Hope Federal Credit Union, and Gail Laster, former director of the National Credit Union Administration's consumer-protection division, are working with the incoming administration.
Regulators were receptive to Republican lawmakers' calls to ease burdens on banks that cross new asset thresholds as a result of their participation in the Paycheck Protection Program.
If Republicans keep their majority, the incoming administration will likely have to pick moderates over progressives to have any chance of getting its nominees approved.
With a Democrat set to take the White House in January, the political balance at NCUA could shift amid changes for the CFPB and housing reform, and progressive banking ideas that were unthinkable over the past four years could gain traction.
With a Democrat set to take the White House in January, the agenda for agencies like the CFPB could undergo a rapid transformation, housing finance reform could be turned on its head and progressive banking ideas that were unthinkable over the past four years could gain traction.
The bank disclosed in a regulatory filing that it is in the process of responding to a civil subpoena from the Consumer Financial Protection Bureau. It is the latest bank to come under regulatory scrutiny for the fees charged to consumers who overdraw their accounts.
The agency's "no-action" letter is intended to provide more regulatory certainty for the bank after it announced a short-term credit product available to checking account customers next year.
The agency said customers of SMART Payment Plan LLC could receive up to $7.5 million for statements that created a false impression about the service used for auto loans, but in a twist the bureau said it may pay most of the restitution.
