CUNA is evaluating the CFPB new, 1,600-plus page rule on prepaid cards to make sure credit unions are minimally affected, assessing compliance costs for credit unions offering prepaid accounts that could be associated with the new requirements.
A little more than a week remains for credit unions to comment on the CFPB's short-term, small-dollar lending proposed rule. Comments on the proposal are due Oct. 7. CUNA has a number of concerns with the proposal.
Credit unions and for-profit debt collectors have different considerations when communicating with consumers, CUNA wrote to the CFPB Friday. CUNA wrote to the CFPB as the bureau releases the proposal for a Small Business Review Panel.
CUNA was in attendance Thursday for the semi-annual meeting of the CFPB's Credit Union Advisory Council. The council advises the bureau on how its programs are impacting credit unions and is comprised of mostly CUNA members.
Comments on new information collection for the CFPB's complaint database are due to CUNA by Sept. 14, and to the bureau by Sept. 30. The CFPB requested approval to establish a new information collection.
CUNA will be in attendance Thursday as the CFPB Credit Union Advisory Council conducts its semi-annual meeting. The meeting will feature discussions about debt collection and youth financial literacy and will be streamed live.
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.