Both chambers of Congress are back in Washington, D.C., and CUNA is engaged with a number of activities this week, including a Wednesday House subcommittee hearing on the Bureau of Consumer Financial Protection.
CUNA urged the Bureau of Consumer Financial Protection to revisit its complaint intake system’s processes Monday in response to a bureau request for information on its public reporting practices of consumer complaint information.
President Donald Trump Monday signed a CUNA-backed resolution of disapproval for the CFPB’s indirect auto lending bulletin. The bulletin was voided under the Congressional Review Act, after resolutions were approved by the House and Senate.
The CFPB should transfer examination and enforcement authority of the largest credit unions to NCUA, CUNA wrote Monday. If not, CUNA urged the bureau to work closely with NCUA and/or appropriate state regulators.
The CFPB should delegate to the NCUA primary examination and enforcement of consumer protection laws for credit unions with more than $10 billion in assets, CUNA wrote in response to a bureau RFI on enforcement processes.
The House voted in favor of a joint resolution of disapproval against the CFPB’s indirect auto lending bulletin Tuesday, a move supported by CUNA. It will now go to President Donald Trump for his signature.
Several CFPB civil investigative demand processes have room for improvement, CUNA wrote to the bureau, noting that current processes do not have policies that protect legitimate financial institutions from unwarranted government intrusion.
Thursday, April 19 marked the effective date of amendments to the CFPB's mortgage servicing rules. Confirmed successors in interest are now entitled to the same protections available to borrowers under both Reg Z and Reg X.