CUNA joined more than 20 financial services trade organizations Monday to support legislation to replace the CFPB single director with a bipartisan, five-member commission, the bipartisan Financial Product Safety Commission Act.
The CFPB's latest request for information seeks feedback to assist the bureau in considering whether it should amend any rules it has issued since its creation or issue rules under new rulemaking authority.
The CFPB issued a Request for Information this week about the bureau’s rulemaking processes. CUNA has consistently called for the CFPB to tailor its rules to remove service barriers between credit unions and their members.
The CFPB issued a Request for Information Wednesday on the bureau’s external engagements. Specifically, the bureau is seeking comments and information from interested parties on ways to engage the public.
Key CUNA staff met with Acting Consumer CFPB Director Mick Mulvaney Thursday to discuss ways to provide credit unions with regulatory relief. CUNA has several advocacy goals for its work with the CFPB in 2018.
The Consumer Financial Protection Bureau released its five-year strategic plan this week, establishing its mission, strategic goals and strategic objectives. Working with the CFPB on credit union priorities is on CUNA’s 2018 advocacy agenda.
CUNA joined with other financial trade organizations Wednesday to outline significant unaddressed issues in the CFPB’s amendments to its Real Estate Settlement Procedures Act rule, scheduled to take effect in April.
CUNA reiterated that the CFPB should recognize that consumers utilize overdraft services intentionally in a response to a bureau request to an online survey of ATM/point of sale overdraft practices and policies.
The CFPB announced Tuesday it intends to engage in a rulemaking process to reconsider its short-term, small-dollar loan rule. The bureau finalized the rule in October 2017, and CUNA’s advocacy resulted in major improvements.