On Tuesday, November 10, 2009, the 5^th Annual MemberClose® User Group Meeting will be held at the Doubletree Hotel in Milford, MA. All credit unions are invited to attend this meeting which will provide detailed information on the MemberClose® bundled settlement solution as well as the new MemberClose® – Lending Program.

 

The program will include a presentation by David Wheeler of Credit Plus, Inc. whose program is entitled, “The Myths and Truths of Credit Scoring.” Mr. Wheeler is certified by Fair Issac (now known as FICO) as credit scoring trainer. The program will also provide information on steps being taken to address the various regulatory and compliance changes directed towards lenders.

 

For more information on this event, click here or call Members Insurance Agency at 1-888-746-2476. https://www.SignUp4.net/Public/ap.aspx?EID=CUCE297E

 

 

The Obama Administration's proposed Consumer Financial Protection Agency (CFPA) came one step closer to creation on October 22, when the House Financial Services Committee approved H.R. 3126, the Consumer Financial Protection Agency Act, by a vote of 39-29.

 

While the Credit Union National Association (CUNA) has acknowledged the need for greater consumer protections, CUNA President/CEO Dan Mica said that he has "significant concerns about the impact that elements of this legislation will have on credit unions and their members."

 

Several amendments to the legislation were offered, with one that would limit the proposed CFPA's examination and enforcement authority to credit unions over $1.5 billion in assets and banks with more than $10 billion in assets, drawing the interest of CUNA.

 

CUNA indicated that it would not support the CFPA legislation if this amendment remained attached to the bill, and Mica and League President Dan Egan met with Committee Chairman Barney Frank (D-Mass.) to discuss the issue.  Following the meeting, Mica said that Frank "indicated a willingness to work with us to see if we can find a mutually agreeable solution before the bill goes to the floor for a House vote."

 

CUNA has also advocated that the tasks of examination and enforcement regarding credit unions must remain in the hands of the National Credit Union Administration.

 

The CFPA legislation would seek to protect consumers of financial products through the creation of a powerful independent agency with extensive rulemaking, oversight, and enforcement tools.

 

 

While legislation related to the Consumer Financial Protection Agency (CFPA) and the Credit Card Accountability Responsibility and Disclosure Act of 2009 (CARD Act) both passed through the House Financial Services Committee recently, there is still work to be done, and the path toward financial regulatory reform will march on when the full Committee holds a hearing on The Overdraft Protection Act of 2009 on Friday, October 30.

 

Senator Christopher Dodd (D-Conn.) has introduced overdraft legislation on the Senate side as well.  Dodd's bill, S. 1799, The FAIR Overdraft Coverage Act, would limit the fees that financial institutions can charge on overdraft protection services.

 

House Financial Services Chair, Representative Barney Frank (D-Mass.) has also indicated that the CFPA could itself create new overdraft rules.

 

The Federal Reserve Board is also drafting new rules on overdraft protection plans, and some in Congress, including Dodd, have expressed frustration with the regulators' efforts.

 

A full Committee hearing on Systemic Regulation, Prudential Matters, Resolution Authority and Securitization is scheduled for Thursday, October 29.