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    iLearn - 5 Facts in 1 Minute: The Military Lending Act Edition
    iLearn - 5 Facts in 1 Minute: The Military Lending Act Edition

    By: Carly Souther

    1. The Military Lending Act (MLA) applies to active-duty servicemembers

    2. Servicemember Right: 36% Interest Cap

    3. Servicemembers Civil Relief Act

    4. No Mandatory Military Allotments

    5. No Prepayment Penalty

    CFPB: How Much Do Your Accountholders Really Know About the Bureau?
    CFPB: How Much Do Your Accountholders Really Know About the Bureau?

    By: Kit Souther 

    The future of the Consumer Financial Protection Bureau (CFPB) is uncertain under the Trump Administration. Regardless of how tumultuous the relationship is between the Bureau and the banking industry, the CFPB has collected $12 billion in refunds for 27 million U.S. adults since it opened in 2011. Based on this fact alone, one could reasonably assume that a vast majority of your clients or members have a favourable opinion of the agency.

    Yet, one would be wrong. According to an article published on the 1st of March, an astonishing 81% of American adults do not know enough about the CFPB to have a formed an opinion about the Bureau and its practices. So, how much do your accountholders really know about the CFPB? Read the full post to find out more!

    March Newsletter Editorial: National Consumer Protection Week
    March Newsletter Editorial: National Consumer Protection Week

    Greetings:

    Gearing up for the Federal Trade Commission's 19th Annual National Consumer Protection Week (NCPW) next week (5-11 March 2017), Maureen K. Olhausen, acting FTC Chair, said the campaign's website is an important tool to inform Americans of their consumer rights and help them make informed buying decisions.

    The FTC has recognized the power of the Internet. According to the Pew Research Center, the share of all U.S. adults who use the internet increased from 52% in 2000 to 84% in 2015.

    ...
    Your Weekly Financial e-Update: Appeals Court to Reconsider CFPB Independence

     

    By: Carly Souther

     

    Carly Souther

     

    21 February 2017Op-Ed: "Trump Wants to Cut Red Tape? He Should Start with the CFPB." Jay Richards, PhD, asserts that "[i]f President Trump is looking for ways to make good on his pledge to slash counterproductive regulations, he should support the" recently introduced bill to abolish the Consumer Financial Protection Bureau (CFPB).  The bill, introduced by Senator Ted Cruz and Rep. John Ratcliffe (both Texas Republicans) on the 14th of February, would repeal Title...

    Trump Bump & CFPB Dump?

    But what has Trump done that may affect your bank or credit union? The answer, much like the consequences of his other policy actions, is…unclear. Yet, one action of note is a memorandum that imposes a moratorium on new agency regulations. 

    Does the moratorium affect the CFPB?

    The answer to this query hinges on whether Trump considers the CFPB to be an independent bureau – as it was established under Dodd-Frank—in light of the D.C. Circuit's ruling that the Bureau should be stripped of its independence and placed under the direction of the President. If the ruling stands, then Trump will have the power to fire CEO Richard Cordray and, effectively, dismantle the agency.