CUNA filed two comment letters Thursday in strong support of the CFPB proposal on Property Assessed Clean Energy (PACE) loans. The CFPB has proposed applying Regulation Z (which implements the Truth in Lending Act) to PACE loans.
CUNA, the American Association of Credit Union Leagues, and National Association of Federally-Insured Credit Unions filed a brief with the U.S. Supreme Court on a challenge to the constitutionality of the CFPB’s funding mechanism. CUNA is a longtime supporter of placing the bureau under the appropriations process.
The House Appropriations Subcommittee on Financial Services and General Government released its FY24 draft bill with provisions moving CFPB funding to appropriations process and replacing the single director with a bipartisan, five-member commission.
The CFPB should tailor rules to not be overly burdensome on credit unions, as credit unions are the original consumer financial protectors, CUNA wrote to the Senate Banking, Housing, and Urban Affairs Committee Tuesday for CFPB Director Rohit Chopra’s testimony before the committee.
The CFPB's timing study on “junk fees” has not met the public comment obligations under the Paperwork Reduction Act (PRA) and should not receive a general clearance, CUNA wrote to the White House Office of Information and Regulatory Affairs.
The CFPB credit card late fee proposed rule is a “gross deviation from the Bureau’s standards for issuing policies grounded in sound and relevant data,” CUNA wrote in response to the proposal, which would uniformly reduce the level of permissible credit card late fees.
CUNA applauds the CFPB's decision to review and consider modernization for its mortgage loan originator rules, and said credit unions generally report they have successfully implemented policies and training to ensure compliance with the rule over the last decade.
CUNA joined other financial services trade organizations Monday in making a second request that the CFPB extend the deadline for its proposed rule on credit card late fees to June 18, 45 days past the current May 3 deadline.
Sen. John Kennedy, R-La., introduced the CUNA and League-supported Transparency in CFPB Cost-Benefit Analysis Act Monday. The bill would require the CFPB to conduct a cost-benefit analysis and other procedures as part of any rulemaking activity.