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Cordray affirms credit unions’ small loans, defends exemption stance

first_imgCFPB views credit unions’ payday alternative loans as a “good product” and wants to make room for those loans in its payday lending rulemaking, CFPB Director Richard Cordray told the Senate Banking Committee Thursday as he delivered his semiannual report to the panel.In testimony similar to that given last month before the House Financial Services Committee, Cordray testified before the panel about CFPB’s regulatory and enforcement activities, future rulemaking and the bureau’s regulatory relief efforts for credit unions.The CFPB director fielded numerous questions from committee members on matters important to credit unions, including consumer services and regulatory topics, such as the bureau’s exemption authority.Asked by Sen. Bob Corker, R-Tenn., what solutions are out there for small, short-term credit, Cordray noted the role of credit unions and singled out PALs as a good, law-abiding product. He added that the bureau wants to allow room for the product under any new rules on payday lending. continue reading » 5SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img read more

FIFA says GFF has the authority to decide Elite League competition

first_imgWORLD governing body of football, FIFA, has confirmed that the Guyana Football Federation Inc. (GFF) has the right and authority to decide the composition of its competitions, including the Elite League.Four clubs have breached their obligations under the 2015 GFF Constitution by boycotting the 2016-2017 Elite League, after the GFF Executive Committee decided to include a further two teams in the league.In a letter to the GFF dated 1st February, 2017, FIFA’s General Secretary Fatma Samoura said: “It is within the power of the GFF Executive Committee to change the regulations of the Elite League, including determining the number of participating Clubs, unless there is a binding written agreement between the GFF and the Elite League which would state otherwise – to the best of our knowledge, however, such an agreement does not exist.”FIFA’s confirmation follows a similar move by the regional body CONCACAF.The GFF Executive Committee, elected with a mandate to reform football in Guyana, took the decision to expand the Elite League in order to broaden the geographical reach, commercial potential and competitiveness of the league, and to accelerate the development of football across the country.In her letter, Samoura referred to Article 36.2.i. of the GFF Constitution, which states that it is within the powers of the GFF Executive Committee to “draw up regulations governing the conditions of participation in and the staging of competitions organised by the Federation, including the playing schedule.”last_img read more