The Senate approved its resolution of disapproval for the CFPB's indirect auto lending bulletin Wednesday. CUNA wrote a letter of support for the resolution Tuesday, which would void the bulletin using the Congressional Review Act.
Credit unions’ member-centric focus means that they approach regulation differently than other market participants, CUNA wrote to the Senate Banking Committee for the record of its Thursday hearing with CFPB Acting Director Mick Mulvaney.
CUNA will be heavily engaged with CFPB Acting Director Mick Mulvaney’s appearances before Congress this week. He is scheduled to testify before the House Financial Services Committee Wednesday and the Senate Banking Committee Thursday.
CUNA joined more than 20 financial services trade organizations Monday to support legislation to replace the CFPB single director with a bipartisan, five-member commission, the bipartisan Financial Product Safety Commission Act.
The CFPB's latest request for information seeks feedback to assist the bureau in considering whether it should amend any rules it has issued since its creation or issue rules under new rulemaking authority.
The CFPB issued a Request for Information this week about the bureau’s rulemaking processes. CUNA has consistently called for the CFPB to tailor its rules to remove service barriers between credit unions and their members.
The CFPB issued a Request for Information Wednesday on the bureau’s external engagements. Specifically, the bureau is seeking comments and information from interested parties on ways to engage the public.
Key CUNA staff met with Acting Consumer CFPB Director Mick Mulvaney Thursday to discuss ways to provide credit unions with regulatory relief. CUNA has several advocacy goals for its work with the CFPB in 2018.
The Consumer Financial Protection Bureau released its five-year strategic plan this week, establishing its mission, strategic goals and strategic objectives. Working with the CFPB on credit union priorities is on CUNA’s 2018 advocacy agenda.