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Could the CFPB stifle financial innovation?

first_imgAnyone who doubts the answer to this question is “yes” should take a look at this speech delivered by Director Richard Cordray before the Clearing House this past November.He used the speech not only to criticize existing payment processes, but to admonish the assembled bankers that, as they develop a faster payments system, “it is essential that the interests of consumers remain at the top of your minds.” Then, apparently having channeled the needs of all consumers, he went on to list five principles that should be incorporated into any system that is truly consumer friendly. His five criteria were sensible enough; but reading the transcript still left a bad taste in my mouth.I’m all for the CFPB monitoring the marketplace to make sure consumer products aren’t deceptive. Yet, when a Government official comes out with design specifications and inserts himself into what is essentially a product development process, he is taking things a bit too far. Could you imagine the uproar if the Secretary of Commerce gave a speech to Apple about how it should design the forthcoming Apple-Watch? Since when did Government know better than the marketplace what consumers want and how much those desires should be balanced against competing concerns like cost and efficiency.CFPBphiles argue that bad consumer products are no different than bad toasters. They have no place in the marketplace. If only the CFPB had been around, they argue, it could have prevented the Mortgage Meltdown.Really? The concept of consumer protection comes coupled with a dangerously naïve assumption that financial products can be classified as “good” or “bad.” But unlike a defective toaster, the same exact mortgage product – or electronic payment system for that matter – can be great for some members and lousy for others. A young couple with two steady and growing incomes might be a perfect candidate for an FHA mortgage loan with virtually no money down. A self-employed consultant who hasn’t had a steady income since being laid off five years ago probably isn’t. A recently divorced mom temporarily downsizing while she gets her feet on the ground might be a great candidate for a mortgage that adjusts after five years. Our hapless consultant? Probably not.Does this mean that the CFPB has no role in regulating? Of course not. It’s vital that the marketplace communicate accurately and that businesses are held accountable for their mistakes. For example, by mandating that lenders be able to prove why they think borrowers have the ability to repay a mortgage loan, Congress and the CFPB established a framework for holding lenders accountable without denying them flexibility to treat members as individuals. Similarly, better disclosures, like clear contracts, are ultimately in everyone’s interest.The line I don’t want to see crossed between monitoring and correcting mistakes as opposed to managing the development of financial products is impossible to define in statute. The best way to achieve this goal is by vesting the CFPB Director’s powers in an appointed Board. It would slow down the regulatory process and insure that one person can’t dominate the development and implementation of consumer products and services.Imagine how much worse the Risk Based Capital reform proposal would be if Debbie Matz didn’t have to convince at least one other skeptical board member of its merits. Than ask yourself: Should one person, no matter how well intended, have the power to dictate the conditions under which every financial product and service will be offered to the public? 14SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Henry Meier As General Counsel for the New York Credit Union Association, Henry is actively involved in all legislative, regulatory and legal issues impacting New York credit unions. Whether he’s joining … Web: www.nycua.org Detailslast_img read more

Fed to set up facility to purchase PPP loans; NAFCU here to assist CUs

first_imgAs credit unions seek ways to support members impacted by the coronavirus, including through the Small Business Administration’s (SBA) new paycheck protection program, NAFCU remains steadfast in its commitment to provide the best federal advocacy, compliance assistance, and education to ensure credit unions can do so effectively.Last week, the SBA released an interim final rule to implement the program. NAFCU developed a set of FAQs following the rule’s release for credit unions interested in providing loans through the program. Several credit unions have had difficulties accessing the required systems and submitting paperwork; NAFCU Executive Vice President of Government Affairs and General Counsel Carrie Hunt told Reuters these issues should have been resolved before the application process started.In addition, to ensure credit unions and other financial institutions have capacity within their balance sheets to offer as many loans as possible through the program, the Federal Reserve announced it is working with the Treasury Department to establish a facility to purchase loans made by financial institutions under the paycheck protection program. More details are expected later this week. continue reading » ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img read more

N Ireland start delights Wright

first_img Press Association “The beauty of this campaign is that third place gets you a play-off game and presumably not against a big nation. “But the start has given them the best opportunity in years and that is down to Michael and the players. “But being Northern Ireland we won’t get too ahead of ourselves and we can’t get ahead of ourselves. “We have tough games coming up.” Wright stepped down as O’Neill’s goalkeeping coach in the summer of 2013 after he was appointed St Johnstone manager but he could not be happier for his former boss and his players. “It has been a brilliant start for Michael and the lads,” the former Northern Ireland keeper told Press Association Sport. “You could not ask for a better start. “I am pleased for him and the players because I know the job he does and the difficult circumstances the job brings. “They have had to take a few defeats on the chin to get where they are now. “But I know, through working with him, that he has the backing of the players. “And I know from speaking to him that he has the belief in the players that it would turn for him and they could get the type of results they are getting at the minute. “Three out of three has given them a platform and if they can maintain that form, they will qualify for the Euros for the first time. Tommy Wright has praised Michael O’Neill for working through adversity with Northern Ireland to have the country dreaming of Euro 2016. Hopes of a first appearance in the finals of a European Championship took another step closer to being fulfilled on Tuesday night with a 2-0 victory in Greece. Goals from Jamie Ward and Kyle Lafferty gave O’Neill’s side their third successive Group F victory – Northern Ireland’s best ever start to any World Cup or European qualifying campaign – to keep them top of the table with nine points. last_img read more

Florida man throws urine on prosecutor during court proceedings

first_imgA Florida man who is facing attempted murder charges is now facing additional charges after he allegedly threw urine on a prosecutor during court proceedings.The incident occurred Wednesday in a Broward County court room.According to the report, Albert Narvaez was facing sentencing for holding his former girlfriend at gunpoint inside a car and shooting at her when she managed to escape.Attorney Andrew Newman, who won the case against Narvaez was present in the courtroom.At some point during proceedings, Narvaez took out a container in which he stored urine in and flung it at Newman while yelling, “He told me to do it!”Officials say they are unsure of who Narvaez was referring to.The urine was said to have gone inside of Newman’s mouth and all over his clothing.Narvaez’ sentencing has since been postponed, however, he is now facing an additional charge of battery .The Broward State Attorney’s Office also reported that they will ask Gov. Ron DeSantis to appoint another prosecutors’ office to handle the case, as to avoid a conflict of interest because Newman is one of their employees.last_img read more