Comments on the CFPB’s Request for Information concerning short-term, small-dollar products and practices are due this month. CUNA has urged the bureau to exempt consumer friendly credit union small dollar loans and other services from its rule.
CUNA has several major concerns with a CFPB proposal regarding disclosure of records and information. Specifically, the proposal would make changes to regulations regarding confidential supervisory information, confidential investigative information and the Freedom of Information Act.
The CFPB published its final mortgage servicing rule Wednesday in the Federal Register, providing an effective date. Most of the rule will be effective Oct. 19, 2017 while others will be effective April 19, 2018.
CUNA is overall supportive of proposed changes to the TRID rule, but asks the CFPB to continue to work on existing issues. CUNA submitted its comment letter Monday to the bureau on the proposed changes.
The CFPB announced Thursday that it will allow advance collection of 2017 Home Mortgage Disclosure Act disaggregated ethnic and racial data categories, though such collection is not mandatory until Jan. 1, 2018.
The U.S. District Court of Appeals for the D.C. Circuit’s Tuesday decision that the Consumer Financial Protection Bureau’s structure is unconstitutional reinforces several CUNA concerns about the bureau as well, said CUNA President/CEO Jim Nussle.
The Small Business Administration’s Office of Advocacy cited CUNA information when urging a credit union exemption from the CFPB's short-term, small-dollar loan proposal Friday, saying that the CFPB underestimated the impact on credit unions.
NCUA Chair Rick Metsger wrote to the Consumer Financial Protection Bureau this week strongly recommending the bureau include a blanket exemption for Payday Alternative Loans (PALs) from its short-term, small-dollar proposal, citing concerns similar to those of CUNA.
The CFPB's proposed rule on short-term, small-dollar loans could rob consumers of safe alternatives to predatory lenders, and CUNA urged the bureau to withdraw its proposal or exempt credit unions as a class in its comment letter.
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.
The CFPB will discuss debt collection at a public event Thursday, scheduled to begin at 11 a.m. (ET). The event will feature remarks from CFPB Director Richard Cordray and will be streamed live online.