ALEXANDRIA, Va. (Nov. 2, 2022) – Federally insured credit unions must be “all in” on diversity, equity, and inclusion and their commitment to these principles should be reflected in the results of credit union lending and performance, National Credit Union Administration Chairman Todd M. Harper said today at the 2022 DEI & ACCESS Summit.
On October 19, the Fifth Circuit Court of Appeals vacated the Consumer Financial Protection Bureau’s (CFPB) 2017 Payday Lending Rule. Although the holding is narrow, its rationale suggests—at least according to one court—that the CFPB cannot constitutionally act. Despite agreeing that the CFPB was within its power to make the Rule, the Fifth Circuit determined that the CFPB “lacked the wherewithal to exercise that power via constitutionally appointed funds.” Cmty. Fin. Servs. Ass’n of Am., Ltd. v. CFPB, No. 21-50826, 2022 WL 11054082 (5th Cir. Oct. 19, 2022).
Total U.S. card balances hit $916 billion in September 2022 — almost identical to where they were in December 2019, according to a new report from credit rating agency Equifax. Balances have risen 9% year to date and are up roughly 23% from their pandemic low in April 2021, the Wall Street Journal reported.
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As the regulator questions the bank’s hiring practices, Wells Fargo also seeks to settle with a consumer watchdog on lending practices.
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