Acting Consumer Financial Protection Bureau Director Mick Mulvaney announced a freeze of rulemaking actions at the bureau Monday, several hours after CUNA sent a letter requesting a freeze on new rules and requirements.
CUNA outlined a number of concerns with the CFPB proposed policy guidance on disclosure of loan-level HMDA data. The proposed policy guidance applies to HMDA data to be reported starting in January 2018.
CUNA wrote to Mick Mulvaney, who was named CFPB director, to outline ways the bureau could provide credit unions with regulatory relief, including not proposing any new regulatory requirements and allowing NCUA to supervise credit unions.
CUNA is closely monitoring the leadership situation at the CFPB, and will continue its push for regulatory relief for credit unions during the transition process. CUNA has strongly pushed for a bipartisan, five-person commission to lead the bureau.
The CFPB published its final short-term, small-dollar loan rule in the Federal Register Friday, much-improved over the proposed rule after advocacy from CUNA, leagues, credit unions, a big win for the credit union movement.
The CFPB should not base decisions on overdraft protection rulemaking on the current 2011-2012 data it uses, nor should it conflate credit union overdraft products with those of big banks, CUNA told the bureau in a letter.