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.
CUNA advocacy staff and a number of member credit unions met with the CFPB Monday to discuss debt collection. During the meeting, the group discussed the CFPB’s outline of proposals under consideration and other debt collection activities.
CUNA President/CEO urged CFPB Director to impose an immediate moratorium on pending and future bureau rulemakings in a letter sent Friday, saying policies that create challenges in accessing safe financial products are not making consumers’ lives better.
Illinois Reps. Bill Foster (D) and Cheri Bustos (D) wrote to CFPB Thursday to urge the bureau to consider how its proposal will impact credit unions. In their letter, the 2 legislators highlighted the proposal’s negative impact on NCUA’s Payday Alternative Loan (PAL) program.
Consumer-friendly credit union products should not be detrimentally impacted by the CFPB's proposed short-term, small-dollar rule, CUNA wrote to the bureau, responding to a bureau RFI on other loan products and practices not covered by the rule.
Comments on the CFPB’s Request for Information concerning short-term, small-dollar products and practices are due this month. CUNA has urged the bureau to exempt consumer friendly credit union small dollar loans and other services from its rule.
CUNA has several major concerns with a CFPB proposal regarding disclosure of records and information. Specifically, the proposal would make changes to regulations regarding confidential supervisory information, confidential investigative information and the Freedom of Information Act.
The CFPB published its final mortgage servicing rule Wednesday in the Federal Register, providing an effective date. Most of the rule will be effective Oct. 19, 2017 while others will be effective April 19, 2018.
The discussion boards on CUNA’s Compliance Community featured an interesting discussion last week: what is the difference between the terms “share draft” and “checking account”? The correct use is important since credit unions pay dividends, not interest.