Sen. Deb Fischer (R-Neb.) introduced a bill Tuesday that would make a number of CUNA-supported changes to the CFPB. CUNA Chief Advocacy Officer Ryan Donovan thanked Fisher for the bill, which he said would benefit credit unions and consumers.
CUNA's call for the CFPB to halt all rulemaking activity was addressed in The Hill over the weekend, as part of coverage of President Donald Trump’s regulatory freeze. CUNA has made multiple calls for the freeze since the election.
CUNA wrote to the CFPB Friday urging the bureau to impose an immediate moratorium on all of its rulemakings. CUNA has called for this since the election, and believes that a White House directive is consistent with the request.
Congress should consider feedback from credit unions that participated in Small Business Regulatory Enforcement Fairness Act panels that felt final rules did not limit impact enough, CUNA wrote Thursday for the record of a Senate hearing.
Applications are now being accepted for the CFPB's Credit Union Advisory Council and Consumer Advisory Board. These bodies advise and consult the CFPB regarding its functions, and provide information on emerging trends and practices in the financial market.
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.
CUNA wrote to the CFPB Monday to reiterate continuing concerns with the bureau’s proposed Company Response Survey. The letter follows up a revised request for information collection submitted by the CFPB to the Office of Management and Budget.
CUNA plans to respond to, and seeks information from credit unions on, a Consumer Financial Protection Bureau request for information on consumer access to their financial records. The bureau released the request Thursday..
CUNA will be monitoring Thursday’s CFPB field hearing on access to the financial records. The hearing will take place at the University of Utah, and Utah credit unions will participate in a separate roundtable with CFPB staff.
The second phase of Same Day ACH rollout has a Sept. 15 effective date, and a list of recommended action items to be performed has been released. All financial institutions must be prepared to receive by Sept. 15.
As Congress works this week to fund the government past April 28, CUNA will be engaged in the process as it seeks to see 2 particular issues addressed: funding for CDFIs and the CFPB's exemption authority.
CUNA stands ready to work with legislators to see regulatory relief enacted into law, and the CHOICE Act is a good first step, CUNA wrote to House Financial Services Committee leadership Tuesday in advance of a hearing on the bill.