NAFCU pushes back against CFPB on regulatory relief

first_imgNAFCU President and CEO Dan Berger pushed back against CFPB Director Richard Cordray’s testimony that CFPB does not need to do more to exempt credit unions from its regulation.Cordray made these statements during his testimony Wednesday before the House Financial Services Committee.“NAFCU and our members must challenge CFPB Director Cordray’s assertion that Congress did not intend to grant credit unions a blanket exemption and that is why the Bureau is not doing more to provide relief. Congress gave CFPB authority in Section 1022 to grant exemptions on a rule by rule basis,” said Berger. “Unfortunately, the CFPB has failed to exercise this broad legal authority as we believe Congress intended to allow credit unions to be exempted from certain rules.”“Moreover, the assertion that credit unions are not being negatively affected by the tidal wave of overregulation arising from CFPB and Dodd-Frank could not be more wrong,” Berger said. “Director Cordray’s denial that the tide of regulation is not contributing to the continued trend of credit unions being forced to cut back on member services, merge or go out of business flies in the face of facts.” continue reading » 3SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img read more

Chelsea hit five past weakened Manchester City to reach last eight

first_imgChelsea scored four second half goals to rout a youthful Manchester City side and move into the last eight of the FA Cup.Given Chelsea’s calamitous Premier League title defence, the FA Cup remains their most realistic route to silverware this season, and their full strength side proved to be as superior on the pitch as they looked on paper.Chelsea dominated the first half and the superb Fabregas crafted the opener, which eventually came after his ball to Eden Hazard was hooked into the box for Diego Costa to throw his head at from close range.But a City side with five teenagers, including Tosin Adarabioyo, Manu Garcia and Kelechi Iheanacho, shocked Stamford Bridge when they levelled less than two minutes after going behind, with David Faupala deflecting in an Iheanacho cross that Cesar Azpilicueta had tried to clear.Chelsea flew out of the blocks at the start of the second half though, with Willian exchanging passes with Hazard and finishing crisply into the bottom corner.Gary Cahill added a third with a shot that City’s woeful reserve goalkeeper Willy Caballero should have kept out, before Hazard joined the party with a fine free-kick, which had Caballero wrong-footed when, once again, he should have done better. Substitute Oscar missed a casual penalty that should never have been awarded for Martin Demichelis’s shoulder-to-shoulder challenge with Bertrand Traore, who got on the scoresheet himself late on with a fortunate header that looped in over Caballero’s head.–Follow Joy Sports on Twitter: @JoySportsGH. Our hashtag is #JoySportslast_img read more