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From Farce to Menace

Independent Banker

Talk about your captive regulator! Last month the NCUA’s sweeping, 167-page proposal to hand federal credit unions virtually unlimited freedom to serve almost any person of any means anywhere rightly drew an avalanche of letters from infuriated community bankers. When credit unions say “jump,” the NCUA says, “how high?”.

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State AGs urge Mulvaney to continue use of disparate impact theory of ECOA liability

CFPB Monitor

57, disapproving of the CFPB’s Bulletin 2013-2 regarding “Indirect Auto Lending and Compliance with the Equal Credit Opportunity Act.” They assert that action by the CFPB in derogation of those regulations would violate the Administrative Procedure Act. to discriminate against any person. to discriminate against any person.

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The 2022 GonzoBanker Awards

Gonzobanker

As if that wasn’t enough, regulators took a sledgehammer to debit fee income with Reg II changes that will begin reducing card-not-present interchange fees starting in July 2023. SoFI gets a commercial bank that brings deposits, compliance, AND business lending. Goes to New England Federal Credit Union and Vermont State Credit Union.

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