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FRBservices has reported U.S. consumers are seeking faster payments in more areas of their increasingly on-demand lives, with four out of five saying they are interested in faster options to pay businesses, according to a survey released recently by the Federal Reserve Banks.
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The CFPB is seeking to move away from highly complicated rules that have long been a staple of consumer financial regulation and toward simpler and clearer rules, said CFPB Director Rohit Chopra in a recent Bureau Blog article.
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The Federal Financial Institutions Examination Council (FFIEC) recently announced the availability of data on 2021 mortgage lending transactions reported under the Home Mortgage Disclosure Act by 4,338 U.S. financial institutions.
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The CFPB has posted a Bureau Blog article, "Measuring the Impact of Financial Institution Overdraft Programs on Consumers," announcing that the Bureau has been piloting a supervision effort to collect key metrics from some supervised institutions regarding the consumer impact of their overdraft and non-sufficient fund practices.
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On June 10, the Texas Credit Union Commission met at the Texas Credit Union Department building in Austin. The following is a summary of the meeting.
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Yesterday, the U.S. House passed H.R. 2543, the Expanding Financial Access for Underserved Communities Act, as part of a larger financial services bill.
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Texas Credit Union Department Commissioner John Kolhoff has announced his resignation, effective July 15, 2022. The Credit Union Commission will promptly begin a search for his replacement.
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Question: Under Reg E, if a member is persuaded to initiate a transaction (on his/her own) that the member later learns to be fraudulent, is that considered and unauthorized transaction we would have to credit the member for?
Answer: No. Regulation E and recent interpretations from the CFPB reaffirm that if a member initiates a transaction using that member’s own credentials, the transaction is not considered unauthorized.
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“Learn about the importance of Juneteenth (6/19), and how you can celebrate this weekend, HERE!”
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A recent RISK Alert from CUNA Mutual Group discusses scams involving the redemption of U.S. Savings Bonds and includes information about validating bonds presented for cashing.