CUNA and several member credit unions participated in the Small Business Administration’s Office of Advocacy Financial Roundtable Monday to talk about CFPB's request for information on the small business lending market.
CUNA wrote in support of a bill Monday that clarifies the business of insurance is exempt from CFPB authority. The bill was introduced by Rep. Sean Duffy (R-Wis.) and co-sponsored by Rep. Gwen Moore (D-Wis.).
The CFPB Wednesday finalized changes to its Equal Credit Opportunity Act regulations that could offer some regulatory relief, while issuing a separate proposal seeking input on proposed Home Mortgage Disclosure Act policy guidance.
Credit unions are concerned about the likely unintended consequences of having to collect additional data on small business lending, CUNA wrote to the CFPB in response to an RFI about the small business lending market.
CUNA President/CEO Jim Nussle responded to a recent op-ed from CFPB Director Richard Cordray, saying the bureau’s failure to exempt credit unions from its arbitration rule rule shows a fundamental misunderstanding of the nature of credit unions.
CUNA will be in attendance at today’s meeting of the CFPB’s Credit Union Advisory Council, which will discuss overdraft and financial empowerment initiatives, according to the notice published by the bureau.
While proposed changes to the CFPB prepaid accounts rule provide some clarity, it will not be helpful for most prepaid card users and CUNA remains opposed to the rule’s application of Regulation Z to certain prepaid cards.
CUNA appreciates the Consumer Financial Protection Bureau’s efforts to decrease the burden on lenders with limited HELOCs, a credit union win, but asked the bureau to consider exempting credit unions, or further increasing the threshold.
FinCEN's new customer due diligence requirements for business accounts are effective May 18, 2018, and CUNA’s compliance staff has received a number of questions. A recent CompBlog post examines CDD procedures and requirements.