WASHINGTON (6/1/15)--Comments on a National Credit Union Administration corporate credit unions proposal, as well as specific credit card market comments to the Consumer Financial Protection Bureau (CFPB) are due in the month of June.
The NCUA’s proposal would exclude Central Liquidity Facility (CLF) related bridge loans from the aggregate unsecured lending cap. Exempt loans would be a bridge loan made by a corporate credit union to a natural-person credit union when the latter has been approved for a CLF loan and is awaiting the funds.
The proposal would also exclude such loans from the calculation of net assets and net risk weighted assets for determining minimum capital requirements.
Comments are due to the NCUA by June 11.
The CFPB comments relate to the bureau’s previous request for comment regarding the credit card market. Comment on the majority of the issues mentioned by the CFPB were due in May, but the bureau extended the due dates for comments on several categories.
Comments regarding online disclosures, grace periods, add-on products and debt collection may be submitted to the bureau by June 17.
CUNA submitted a comment letter in May, urging the bureau to take any and all possible steps to minimize regulatory burdens on credit unions, while ensuring consumers receive adequate credit card protections. CUNA will submit a letter by the June 17 deadline as well.