CUNA joined with 7 other trade associations Thursday asking for extension of the comment deadline for proposed revisions CFPB's Consumer Complaint Database. CUNA seeks to have the comment deadline extended by 45 days.
Recently the CFPB has received several partisan letters from Congress about its rulemakings; however, the need for reducing regulatory burden is the only issue addressed by a supermajority of 399 Members of Congress.
New measures finalized Thursday by the CFPB on foreclosures are concerning to CUNA due to potential regulatory burdens for credit unions. Early analysis shows that provisions concerning successors in interest, as well as bankruptcy statements, are troubling.
The CFPB Tuesday outlined a number principles to guide mortgage services, investors, government housing agencies and policymakers as they develop foreclosure relief solutions that mirror credit union practices, said CUNA Chief Advocacy Officer Ryan Donovan.
CUNA expressed appreciation to the CFPB Wednesday for its reasonable approach to implementing the Fixing America's Surface Transportation Act. After passage of the FAST Act, CUNA urged the CFPB to provide credit unions clarity through regulation.
The CFPB issued a number of CUNA-requested clarifications Friday to its Truth in Lending Act-Real Estate Settlement Procedures Act integrated disclosure rule. CUNA is still analyzing the proposal, but has found changes it requested.
The CFPB released proposals for a Small Business Review panel on debt collection Thursday. While the proposals released today are aimed at third-party debt collectors, CUNA is in the process of reviewing the proposals.
CUNA staff met with the CFPB Tuesday to address concerns about its proposed short-term, small-dollar loan rule. During the meeting, CUNA staff raised concerns about the fact that the CFPB’s proposal sweeps in consumer-friendly loans.
The Maryland and District of Columbia Credit Union Association facilitated a roundtable discussion last week with member credit unions and the CFPB. CUNA staff and representatives from the Credit Union Mortgage Association also attended.
The CFPB has extended the comment deadline for its payday and small-dollar loan proposal to Oct. 7. CUNA has also moved back its deadline for accepting comments, which can now be sent to CUNA through Sept. 19.
President Barack Obama sent greetings Thursday to those celebrating International Credit Union Day. CUNA worked closely with the White House on the statement, and a number of credit union-friendly legislators also weighed in with the White House.
The NCUA’s revised supervisory approach to interest rate risk is covered in a recent Letter to Credit Unions (16-CU-08). The new standardized approach is designed to increase focus and resources toward higher risk credit unions.
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.