CUNA, the Maryland and District of Columbia Credit Union Association, and member credit unions met with CFPB staff Monday to discuss regulatory implementation, particularly in regards to the Home Mortgage Disclosure Act.
CUNA applauds the Consumer Financial Protection Bureau for moving quickly to implement the Helping Expand Lending Practices in Rural Communities Act. The rule, which became effective March 31, represents a victory for credit unions, and as mentioned in a letter sent to the CFPB Thursday, will help credit unions provide more credit to consumers in rural and underserved areas.
Looking toward future rulemakings by the Consumer Financial Protection Bureau, CUNA’s Deputy Chief Advocacy Officer Elizabeth Eurgubian says the agency needs to use its general authority to ensure credit unions aren’t adversely affected by rules intended to protect consumers.
Consumer Financial Protection Bureau Director Richard Cordray responded Friday to 329 legislators who wrote him calling for the bureau to use its exemption authority to achieve regulatory relief. While Cordray’s letter outlines some steps the bureau has taken to tailor its regulations, CUNA is calling for more substantive relief.
A bill to place the Consumer Financial Protection Bureau under the appropriations process is a “great regulatory relief opportunity for credit unions,” CUNA said Wednesday after the U.S. House Financial Services Committee passed the Taking Account of Bureaucrats’ Spending Act of 2015.
Placing the Consumer Financial Protection Bureau under the appropriations process is a step toward ensuring credit unions are not further burdened with regulations, CUNA President/CEO Jim Nussle wrote prior to today’s markup of Taking Account of Bureaucrats’ Spending Act of 2015.
The Department of Labor will publish its final rule Wednesday regarding employees’ eligibility for overtime pay--a rule which CUNA believes will have unintended negative consequences for credit unions, particularly smaller credit unions and those in non-metropolitan areas.
Further CUNA analysis of the U.S. Department of Labor’s overtime rule found minor relief, but CUNA remains concerned about the increased burden on credit unions. Several CUNA-suggested changes were included in the final rule.
Six federal agencies published guidance last week designed to ensure all depository institutions are aware of expectations when it comes to deposit reconciliation. CUNA’s compliance explains what it means for credit unions in a recent CompBlog post.