Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
Inside Washington (07/25/2012)
  • WASHINGTON (7/26/12)--The Office of the Comptroller of the Currency (OCC) Tuesday registered its opposition to a bill that would permit regulators to grant federal charters to nonbank consumer lenders. The Consumer Credit Access, Innovation, and Modernization Act would apply to firms that offer installment and other small-dollar loans with repayment terms longer than 30 days, according to supporters, who also claim the bill would ease the state regulatory burden for lenders (American Banker July 25). The bill would not apply to payday loans. However, the bill would require the OCC to charter companies as national consumer credit corporations--some which are already under outstanding cease-and-desist orders, said Grovetta Gardineer, OCC deputy comptroller for compliance policy. The OCC would not have the ability to deny a charter application unless it expressly found a product or service was harmful to consumers. This would potentially allow lenders to reintroduce products the OCC has already disallowed at national banks, such as payday, tax-refund anticipation and auto title loans, Gardineer said …


RSS





print
News Now LiveWire
.@LACULeague in @DailyComet: #creditunions' "old" benefits attractive to new generation http://t.co/AzOv3nB7IB
18 hours ago
At @FTC request, court halts operations of an alleged debt-relief scammer calling itself “FTC Credit Solutions.” http://t.co/qMsDBmKExH
23 hours ago
.@daytondailynews : The secret is out about #creditunions http://t.co/Aqu3pFTROV @DayAirCU @CODECreditUnion
23 hours ago
.@CUNA's @Nussle on @SenatorReid :(2of2)On behalf of more than 102M #CU members,I thank him 4 his leadership over the yrs/wish him the best.
1 day ago
.@CUNA CEO Nussle on Sen. Reid’s decision not 2 seek re-election (1of2): Sen. Reid has a long history of #CU support throughout his career.
1 day ago