The results of CUNA’s comprehensive regulatory burden study were cited by Sen. Rob Portman (R-Ohio) in a letter he wrote to CFPB Director Richard Cordray stressing the importance of tailored regulations for small financial institutions such as credit unions.
A recording of CUNA’s free webinar on the effects of the CFPB's short-term, small-dollar lending rule is now available for members. The July 6 webinar ran for approximately 65 minutes and was attended by nearly 500 people.
The CFPB Friday issued a proposed rule to implement legislation that would exempt financial institutions meeting certain requirements from sending annual privacy notices. CUNA heavily advocated for this as part of the Fixing America’s Surface Transportation Act.
As CUNA continues its advocacy efforts on the CFPB's short-term, small-dollar lending rule, it seeks feedback from credit unions on how they will be affected by the proposed rule. Feedback is due to CUNA by Aug. 31.
CUNA met with the CFPB Monday, as part of a listening session hosted by the bureau to hear industry concerns on its mortgage disclosure rule. During the meeting, bureau indicated that it favors providing flexibility versus being overly prescriptive.
CUNA supports appropriate disclosure of necessary decision-making information, as well as efforts intended to empower consumers in understanding financial products. CUNA's letter responds to the CFPB’s request for information on communications to student loan borrowers.
CUNA’s initial analysis of the CFPB's small-dollar proposed rule found some reforms, but credit union products appear to be swept in as well. The CFPB told CUNA to inform the bureau about credit union products affected by the rule.
CUNA continues to analyze the CFPB's 1,300-plus page proposal on short-term, small-dollar loans. The CFPB has agreed to brief CUNA members on the proposal, and CUNA is currently working to schedule the briefing.
Regulations on short-term, small-dollar loan products should strive to balance access and consumer protection, Keith Sultemeier, president/CEO of Kinecta FCU and CUNA member, said during a CFPB field hearing Thursday.
CUNA’s inaugural Fair Lending Workshop took place last week in Denver, leading to valuable discussions on compliance with the Equal Credit Opportunity Act, the Fair Housing Act, the Home Mortgage Disclosure Act and more.