The CFPB issued an interim final rule Wednesday allowing flexibility to mortgage servicers about when they can communicate foreclosure options to borrowers who have requested communications cease. The final rule goes into effect Oct. 19.
The CFPB should re-propose changes to Regulation CC (Expedited Funds Availability Act) first proposed by the Federal Reserve in 2011. CUNA wrote to the bureau Wednesday highlighting the significant concerns it raised in 2011.
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.
More than 300 credit union compliance professionals from 237 credit unions and more than 20 associations attended last week’s CUNA/NASCUS BSA Conference to get the latest information on BSA compliance from regulators, attorneys and other compliance professionals.
The House Financial Services Committee completed its markup of 23 bills Wednesday, passing three CUNA-supported bills that CUNA President/CEO Jim Nussle said offer the kind of "targeted regulatory relief credit unions need."