CUNA joined with 7 other trade associations Thursday asking for extension of the comment deadline for proposed revisions CFPB's Consumer Complaint Database. CUNA seeks to have the comment deadline extended by 45 days.
Recently the CFPB has received several partisan letters from Congress about its rulemakings; however, the need for reducing regulatory burden is the only issue addressed by a supermajority of 399 Members of Congress.
New measures finalized Thursday by the CFPB on foreclosures are concerning to CUNA due to potential regulatory burdens for credit unions. Early analysis shows that provisions concerning successors in interest, as well as bankruptcy statements, are troubling.
The CFPB Tuesday outlined a number principles to guide mortgage services, investors, government housing agencies and policymakers as they develop foreclosure relief solutions that mirror credit union practices, said CUNA Chief Advocacy Officer Ryan Donovan.
CUNA expressed appreciation to the CFPB Wednesday for its reasonable approach to implementing the Fixing America's Surface Transportation Act. After passage of the FAST Act, CUNA urged the CFPB to provide credit unions clarity through regulation.
The CFPB issued a number of CUNA-requested clarifications Friday to its Truth in Lending Act-Real Estate Settlement Procedures Act integrated disclosure rule. CUNA is still analyzing the proposal, but has found changes it requested.
The CFPB released proposals for a Small Business Review panel on debt collection Thursday. While the proposals released today are aimed at third-party debt collectors, CUNA is in the process of reviewing the proposals.
CUNA staff met with the CFPB Tuesday to address concerns about its proposed short-term, small-dollar loan rule. During the meeting, CUNA staff raised concerns about the fact that the CFPB’s proposal sweeps in consumer-friendly loans.
The Maryland and District of Columbia Credit Union Association facilitated a roundtable discussion last week with member credit unions and the CFPB. CUNA staff and representatives from the Credit Union Mortgage Association also attended.
The CFPB has extended the comment deadline for its payday and small-dollar loan proposal to Oct. 7. CUNA has also moved back its deadline for accepting comments, which can now be sent to CUNA through Sept. 19.
The new mortgage servicing rule from the CFPB clarifies the frequency of required written early intervention notices. A mortgage servicer must provide notice to a delinquent borrower no later than the 45th day of the borrower’s delinquency.
It is imperative that Congress take action to eliminate the negative consequences of last year’s changes to the Telephone Consumer Protection Act, CUNA wrote to a House subcommittee conducting a TCPA hearing Thursday.
CUNA Chief Advocacy Officer Ryan Donovan discusses this week's congressional activities, as well as advocacy strategies for the CFPB's short-term, small-dollar loan proposal in this week's Advocacy Update video.