President Donald Trump signed the joint resolution nullifying the CFPB's arbitration rule Wednesday. CUNA supported the repeal, and engaged in active advocacy during the process to overturn the rule via the Congressional Review Act.
CUNA joined with other organizations this week to write House members urging support of a bipartisan bill to provide regulatory relief via the Consumer Financial Protection Bureau’s TRID rule, allowing title insurance companies to share available discounts.
A Treasury Department report released Monday on the CFPB's arbitration rule finds the rule could impose major costs on consumers and the bureau did not consider less onerous alternatives, concerns shared by CUNA.
Credit union concerns with the CFPB's arbitration rule were highlighted in an op-ed in the Juneau Empire, concerns that the rule is inappropriate for credit unions and could deprive consumers of a legal option.
CUNA supports the CFPB's proposal to remove the 4-business-day limit from its TRID rule. The limit dictates, based on timing, how a lender can disclose a revised estimate of closing costs to the borrower.
The CFPB's final short-term, small-dollar rule appears to have addressed many concerns addressed by CUNA, leagues and credit unions, a big win for the credit union movement. CUNA is still analyzing the nearly 1,700-page final rule.
Members of CUNA’s Consumer Protection Subcommittee discussed the need for regulatory relief and other topics with NCUA, the Consumer Financial Protection Bureau, legislators and CUNA staff during their fly-in meeting this week.
The CFPB issued an interim final rule Wednesday allowing flexibility to mortgage servicers about when they can communicate foreclosure options to borrowers who have requested communications cease. The final rule goes into effect Oct. 19.
The CFPB should re-propose changes to Regulation CC (Expedited Funds Availability Act) first proposed by the Federal Reserve in 2011. CUNA wrote to the bureau Wednesday highlighting the significant concerns it raised in 2011.