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.
CUNA joined with other financial trade organizations Wednesday to outline significant unaddressed issues in the CFPB’s amendments to its Real Estate Settlement Procedures Act rule, scheduled to take effect in April.
CUNA reiterated that the CFPB should recognize that consumers utilize overdraft services intentionally in a response to a bureau request to an online survey of ATM/point of sale overdraft practices and policies.
The CFPB announced Tuesday it intends to engage in a rulemaking process to reconsider its short-term, small-dollar loan rule. The bureau finalized the rule in October 2017, and CUNA’s advocacy resulted in major improvements.
The U.S. District Court for the District of Columbia ruled in favor of CUNA’s position Wednesday that President Donald Trump has the authority to appoint a director of the Consumer Financial Protection Bureau.
Credit unions resources used for financial education and literacy can be strained by regulatory costs, CUNA told the CFPB in a letter outlining credit unions’ role in financial education for their members.