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Inside Washington (11/15/2011)
  • WASHINGTON (11/16/11)--Due to a scheduled power outage, the National Credit Union Administration's website will be unavailable from 10 a.m. to 5.p.m. (ET) on Saturday …
  • WASHINGTON (11/16/11)--Although it remains to be determined, Wal-Mart may be subject to supervision by the Consumer Financial Protection Bureau (CFPB). The giant retailer offers multiple card products through third-party institutions and check-cashing, remittance and wire transfer services. Whether Wal-Mart is subject to CFPB examination depends in part on the agency ruling that will define the scope of its nonbank supervision (American Banker Nov. 15). It is also contingent upon the confirmation of a director for the new agency. The CFPB is limited in its enforcement of financial institutions without a Senate-confirmed director. The Dodd-Frank Act authorizes the CFPB to oversee several nonbank financial service providers for compliance with consumer protection laws, including nonbank mortgage companies, payday lenders and private student-loan providers. The bureau also is allowed to examine so-called "larger participants" in other sectors, determine which markets it monitors and define "larger participants." In June, the agency issued a request for comment on which nonbank sectors it could examine. Among the sectors the bureau requested comment on were money transmitters and prepaid card providers. Wal-Mart offers both services …
  • WASHINGTON (11/16/11)--U.S. Sen. Scott Brown (D-Mass.) on Monday endorsed the nomination of Richard Cordray to lead the new Consumer Financial Protection Bureau (CFPB). He is the first Republican to back Cordray's nomination (American Banker Nov. 15). Elizabeth Warren, the CFPB's chief architect and the former special adviser to the Treasury secretary in charge of getting the agency off the ground in its first year, is challenging Brown in his bid for re-election. This summer, 44 Republicans sent a letter threatening to filibuster the nomination of any director unless the new bureau is overhauled and Congress is granted more oversight. Brown was one of three Republicans who did not sign the letter …
  • WASHINGTON (11/16/11)--The Treasury Department's Community Development Financial Institutions Fund (CDFI Fund) has opened the fiscal year (FY) 2012 funding round of the Native American CDFI Assistance Program (NACA Program). This funding round makes available roughly $12 million, subject to final congressional appropriations, in awards to Native Community Development Financial Institutions (CDFIs), and entities proposing to become or create Native CDFIs that primarily serve Native American, Alaskan Native or Native Hawaiian communities. Application information and materials can be found on the CDFI Fund website

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