CUNA supports proposed changes to proposed changes to ethnicity and race collection under the Equal Credit Opportunity Act. CFPB proposed the amendments to provide a creditor with additional flexibility in how it collects applicant ethnicity and race information.
Credit unions will be represented in the upcoming Consumer CFPB field hearing on small business lending by Sharon Lindeman, vice president of regulatory advocacy for the California and Nevada Credit Union Leagues.
Comments are due May 9 on NCUA’s ANPR, and CUNA urges credit unions to comment. Other comment deadlines this month include the Consumer Financial Protection Bureau’s alternative data and Equal Credit Opportunity Act amendments.
CUNA appreciates the announcement from the CFPB this week that it will make changes to its disclosure requirements to its current ex parte policy on rulemakings, giving 10 business days for documentation up from 3 days.
The CFPB issued a proposal designed to facilitate compliance with the 2015 updates to the HMDA rule. Initial CUNA analysis suggests the changes will be favorable for credit unions, and CUNA will continue to examine the proposal.
CFPB Director Richard Cordray claimed Wednesday that credit unions are a “daily concern” for the bureau, a statement questioned by CUNA President/CEO Jim Nussle. Several other House committee members questioned the bureau’s chilling effect on services to consumers.
CUNA has deep concerns that the CFPB rarely gives consideration to regulatory burdens as a result of once-size-fits-all regulations, it wrote to the House Financial Services Committee, addressing rules the CFPB claims to already have provided necessary relief from.
A 6-month delay of the CFPB’s prepaid accounts rule will not give card issuers and vendors adequate time to prepare, CUNA said, suggesting a 1-year delay the CFPB could use to examine ways to minimize potential unintended consequences.
Seventeen members of Congress wrote to House appropriators requesting language on the CFPB’s exemption authority be included in the fiscal year 2017 FSGG Appropriations bill. Clarifying this authority is a major goal of CUNA’s Campaign for Common-Sense Regulation.
For credit unions, the Electronic Signatures in Global and National Commerce Act of 2000 means information required to be made available can be delivered electronically, as long as the credit union complies with its requirements.
There's still time to register for Tuesday's free Member Activation Program webinar for MAP credit unions and those who want to learn more about MAP, which will include an update on CUNA’s Campaign for Common-Sense Regulation.
While the DOD has affirmed the Military Lending Act’s effective date for credit card accounts of Oct. 3, CUNA is engaged with legislators to build support for efforts to exempt credit unions from the rule.