CUNA, NAFCU, and other financial services organizations wrote to the CFPB Tuesday urging it to deny the recent petition seeking of a regulation banning pre-dispute arbitration provisions in contracts for consumer financial services.
Credit unions are now protected by a nationwide injunction preventing implementation of the CFPB's section 1071 rule, after the U.S. District Court for the Southern District of Texas issued an order staying the rule for all covered financial institutions.
The CFPB released its personal financial data rights proposed rule Thursday, which lays out requirements for financial institutions, card issuers, and other payment facilitation providers to share certain consumer financial data with third-parties at the behest of consumers.
The Senate passed a joint resolution of disapproval Wednesday on the Consumer Financial Protection Bureau’s section 1071 rule, which would require credit unions to collect and report certain data on applications for credit. The resolution would void the rule through the Congressional Review Act.
The CFPB Wednesday issued an advisory opinion that banks and credit unions with more than $10 billion in assets must provide consumers with account information in a timely manner. The guidance is the first issued on section 1034(c) of the Consumer Financial Protection Act.
The CFPB announced the appointment of new members to the Credit Union Advisory Council, which advises and consult the CFPB on financial issues related to credit unions.
The Consumer Financial Protection Bureau (CFPB) published the 2024 Home Mortgage Disclosure Act (HMDA) Filing Instructions Guide, a technical resource to help financial institutions file HMDA data collected in 2024 and reported in 2025.
CUNA, Cornerstone League, and Rally Credit Union filed to join an Emergency Motion for Preliminary Injunction in the U.S. District Court for the Southern District of Texas to include credit unions in court action already in effect that stops implementation of the CFPB's section 1071 rule.
Credit union association leaders are working together to delay the CFPB from enforcing and implementing its final rule on section 101 of the Dodd-Frank Act. CUNA and NAFCU wrote a joint letter outlining concerns and requesting the delay of the rule after a U.S. District Court decision.
The House Financial Services Committee advanced a resolution Thursday night to void the CFPB's section 1071 rule via the Congressional Review Act. CUNA wrote in support of the resolution at the start of the multi-day committee markup and supports a Senate resolution as well.