Sen. David Perdue (R-Ga.) introduced a bill Wednesday to place the CFPB under the appropriations process. Perdue is a member of the Senate Banking Committee, and his bill is titled the CFPB Accountability Act of 2017.
Changes to the CFPB structure represent a reasonable improvement to a flawed structure, not an attempt to undermine the bureau, CUNA wrote to Sen. Sherrod Brown (D-Ohio) Monday. Brown is the ranking member of the Senate Banking Committee.
The CFPB issued a small-entity compliance guide for its rule on prepaid accounts this week. The 158-page guide is intended to help financial institutions understand how the rule applies to their operations.
Sen. Deb Fischer (R-Neb.) introduced a bill Tuesday that would make a number of CUNA-supported changes to the CFPB. CUNA Chief Advocacy Officer Ryan Donovan thanked Fisher for the bill, which he said would benefit credit unions and consumers.
CUNA's call for the CFPB to halt all rulemaking activity was addressed in The Hill over the weekend, as part of coverage of President Donald Trump’s regulatory freeze. CUNA has made multiple calls for the freeze since the election.
CUNA wrote to the CFPB Friday urging the bureau to impose an immediate moratorium on all of its rulemakings. CUNA has called for this since the election, and believes that a White House directive is consistent with the request.
Congress should consider feedback from credit unions that participated in Small Business Regulatory Enforcement Fairness Act panels that felt final rules did not limit impact enough, CUNA wrote Thursday for the record of a Senate hearing.
Applications are now being accepted for the CFPB's Credit Union Advisory Council and Consumer Advisory Board. These bodies advise and consult the CFPB regarding its functions, and provide information on emerging trends and practices in the financial market.
The CFPB released the results of its survey on debt collection Thursday, prior to its discussion on the same topic. The survey, which consisted of 53 questions about first- and third-party debt collection, does not specifically identify credit unions.
CUNA wrote to the CFPB Monday to reiterate continuing concerns with the bureau’s proposed Company Response Survey. The letter follows up a revised request for information collection submitted by the CFPB to the Office of Management and Budget.
CUNA’s compliance staff went back to basics in a recent CompBlog entry examining floor rates on variable-rate open-end loans. These rates are governed by the Credit Card Accountability and Disclosure (CARD) Act.