Credit Unions and the Impact of the Growing Political Polarization in America

By Matthew D. Urban, Esq. As the 2012 presidential campaign heats up, so does the partisan rhetoric between political parties.  Beyond the rhetoric however, the fallout from the Dodd-Frank Act continues to ripple through the financial sector.  The agency tasked with implementing Dodd-Frank is the Consumer Financial Protection Bureau (CFPB). Since the CFPB is tasked…

Tension Between Regulation and Economic Activity

By David A. Wolfe, Attorney In order to remain competitive in the marketplace, financial institutions compete to produce attractive financial products and increasingly with regard to their customer service. Maintaining a sound, clear and transparent legal framework for the administration of business activities in the financial market is important to maintain stability and promote competitiveness,…

Regulatory Update

by Jennifer Monty Rieker, Esq. On July 21, 2011 the Consumer Financial Protection Bureau (CFPB) officially launched.  Signed into law in July 2010, the CFPB is a division of the Federal Reserve, but is completely independent of the Federal Reserve’s Board of Governors. The CFPB is tasked with enforcement of the Fair Debt Collection Practices…

Interchange at a Crossroads

The dust is still settling around the July 29, 2011 passage of the final version of the Durbin Amendment to the Dodd-Frank Wall Street Reform and Consumer Protection Act, and it is unclear whether credit unions will consider themselves victors or victims. A cap on debit interchange fees that was originally proposed at 12 cents…

Attempt to Delay Durbin Amendment Rejected

By David S. Brown, Esq. Please be advised that today, the U.S. Senate rejected an amendment to Senate Bill 782, the Economic Development Act, that would have called for a 6-month delay of the pending July 21st effective date of the Durbin Amendment.  The amendment would also have required the Federal Reserve, OCC, FDIC and…