A number of credit union-related proposals have comment deadlines in October, most notably the Consumer Financial Protection Bureau’s (CFPB) short-term, small-dollar lending rule. CUNA is encouraging credit unions to inform the bureau about consumer-friendly loan products that may be adversely impacted by the rule before the Oct. 7 deadline.
Since the rule was first proposed in June, CUNA has expressed a number of concerns, including the impact on products and services, as well as a new regulatory and compliance burdens. More information can be found here, and on CUNA’s comment call page.
CUNA also has a current comment call for the CFPB’s proposed amendments to the Truth in Lending Act-Real Estate Settlement Procedures Act integrated disclosure (TRID) rule.
The CUNA-requested proposal attempts to remediate a number of operational and technical issues with the original TRID rule, but does not open it up for significant policy changes. Comments are due to CUNA by Oct. 11 and to the CFPB by Oct. 18.
Other items with comment deadlines in October include: