Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
Cheney Report: CUs Not Subject Of Student Loan Complaints
WASHINGTON (4/13/13)--Of the consumer complaints filed with the Consumer Financial Protection Bureau about student loans, 87% were directed at the same seven lending companies, and none of those complaints mentioned credit unions, Credit Union National Association President/CEO Bill Cheney highlighted in the latest edition of The Cheney Report.

In fact, he said, "only one of the roughly 3,500 complaints to CFPB involved a credit union, and that one was resolved." The student loan complaint data is also referenced in an April 8 CUNA comment letter to the CFPB. (Use the resource link to read April 10 News Now story: CUNA Urges Leeway For CUs To Help Student Borrowers.)

The complaint data, Cheney said, "shows why CFPB would be better off focusing its regulatory attention on these seven companies triggering all the complaints and other bad actors in the student lending field," rather than credit unions.

This week's Cheney Report also includes:

  • Details on last week's House hearing on credit union regulatory relief;
  • A report on CUNA's House Ways and Means briefing on the credit union tax exemption;
  • The results of a TARP fund inspector general report;
  • An update on Financial Literacy Month activities; and
  • A preview of aSmarterChoice's Times Square debut.
Each Friday, The Cheney Report delivers Cheney's insights on three to four key events and policy developments affecting credit unions into the e-mail inboxes of credit union CEOs. The report also provides a valuable window into CUNA's actions on behalf of member credit unions and reinforces the value of CUNA membership, CUNA Executive Vice President of Strategic Communications Paul Gentile notes.

To sign up for The Cheney Report, click the resource link below and use the "subscribe" tab on the right of the page.

Past issues of The Cheney Report are also archived on cuna.org.
RSS print
News Now LiveWire
.@BelvoirFederal revamped the checking acct. it offers to active duty military members and achieved 23% growth on the product in 1 mo.
3 hours ago
.@FinancialCmte markup of Reg D Study Act set for Tuesday. CUNA will submit support letter. http://t.co/cDWkZ0Q0x1
7 hours ago
The 54th Western CUNA Management School graduated 89 students on July 25.
7 hours ago
.@CUNA Bank Secrecy Act training to reach 38 Mich. state examiners #NewsNow http://t.co/7HDPgwih8G
9 hours ago
St. Louis treasurer taps #creditunion to serve unbanked #NewsNow http://t.co/lWtcezJOej
7 25 ago