The U.S. Court of Appeals in Washington Thursday granted the CFPB's request to reconsider an October decision that ruled the bureau’s leadership structure is unconstitutional. CUNA supports replacing the single director with a 5-person commission.
Allowing third-party access to consumer financial data leads to concerns about liability and unauthorized access, CUNA told the CFPB Wednesday in response to a request for information. Of particular concern is liability associated with unauthorized transactions or data breaches.
Sen. David Perdue (R-Ga.) introduced a bill Wednesday to place the CFPB under the appropriations process. Perdue is a member of the Senate Banking Committee, and his bill is titled the CFPB Accountability Act of 2017.
Changes to the CFPB structure represent a reasonable improvement to a flawed structure, not an attempt to undermine the bureau, CUNA wrote to Sen. Sherrod Brown (D-Ohio) Monday. Brown is the ranking member of the Senate Banking Committee.
The CFPB issued a small-entity compliance guide for its rule on prepaid accounts this week. The 158-page guide is intended to help financial institutions understand how the rule applies to their operations.
Sen. Deb Fischer (R-Neb.) introduced a bill Tuesday that would make a number of CUNA-supported changes to the CFPB. CUNA Chief Advocacy Officer Ryan Donovan thanked Fisher for the bill, which he said would benefit credit unions and consumers.
CUNA's call for the CFPB to halt all rulemaking activity was addressed in The Hill over the weekend, as part of coverage of President Donald Trump’s regulatory freeze. CUNA has made multiple calls for the freeze since the election.
CUNA wrote to the CFPB Friday urging the bureau to impose an immediate moratorium on all of its rulemakings. CUNA has called for this since the election, and believes that a White House directive is consistent with the request.
Congress should consider feedback from credit unions that participated in Small Business Regulatory Enforcement Fairness Act panels that felt final rules did not limit impact enough, CUNA wrote Thursday for the record of a Senate hearing.
Applications are now being accepted for the CFPB's Credit Union Advisory Council and Consumer Advisory Board. These bodies advise and consult the CFPB regarding its functions, and provide information on emerging trends and practices in the financial market.
Once the Financial Crimes Enforcement Network’s new customer due diligence rule becomes effective May 11, 2018, credit unions will be required to identify and verify the beneficial owners of business-type accounts.
The 2017 CUNA GAC kicks off Feb. 26, registration starts Sunday and leads into that evening’s ED (Filene) Talk, and continues Monday with the kickoff of the general session and a number of breakout sessions.