WASHINGTON (1/15/16)--Seeking every opportunity to enhance the operating environment for credit unions in 2016, the Credit Union National Association (CUNA) will be closely monitoring issues such as rulemakings coming out of the Consumer Financial Protection Bureau (CFPB) addressing overdraft, an upcoming credit impairment proposal as well as the National Credit Union Administration’s (NCUA) field-of-membership (FOM) and member business lending proposals.
“This year will likely bring much-needed regulatory relief for credit unions in the form of the NCUA’s field-of-membership and member business lending rules, but we’re monitoring a number of regulations that could add to regulatory burden as well,” said Elizabeth Eurgubian, CUNA’s deputy chief advocacy officer. “As we look ahead, CUNA will be working to ensure the credit union perspective is heard while these regulations come together, and we will be looking at opportunities for further relief.”
In a list updated this week, CUNA outlined 15 top regulatory issues it will be monitoring in 2016, what potential outcomes are and CUNA’s advocacy strategy.
The top five items on the list are:
CUNA’s list also includes cybersecurity issues, the CFPB proposed rule for payday and other small dollar lending, a potential CFPB debt collection proposed rule, NCUA examination issues, the NCUA’s interest on lawyer trust accounts rule, the NCUA’s risk-based capital rule and regulatory relief from overly burdensome rules finalized last year such as the Truth in Lending Act-Real Estate Settlement Procedures Act, the Home Mortgage Disclosure Act, and the Telephone Consumer Protection Act.