The CFPB's rejection of a bipartisan call for regulatory relief is troubling and the bureau is strongly encouraged to reconsider, wrote CUNA and all 37 leagues representing all 50 states and the District of Columbia in a letter.
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 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.