Acting Consumer Financial Protection Bureau Director Mick Mulvaney announced a freeze of rulemaking actions at the bureau Monday, several hours after CUNA sent a letter requesting a freeze on new rules and requirements.
CUNA outlined a number of concerns with the CFPB proposed policy guidance on disclosure of loan-level HMDA data. The proposed policy guidance applies to HMDA data to be reported starting in January 2018.
CUNA wrote to Mick Mulvaney, who was named CFPB director, to outline ways the bureau could provide credit unions with regulatory relief, including not proposing any new regulatory requirements and allowing NCUA to supervise credit unions.
CUNA is closely monitoring the leadership situation at the CFPB, and will continue its push for regulatory relief for credit unions during the transition process. CUNA has strongly pushed for a bipartisan, five-person commission to lead the bureau.
The CFPB published its final short-term, small-dollar loan rule in the Federal Register Friday, much-improved over the proposed rule after advocacy from CUNA, leagues, credit unions, a big win for the credit union movement.
The CFPB should not base decisions on overdraft protection rulemaking on the current 2011-2012 data it uses, nor should it conflate credit union overdraft products with those of big banks, CUNA told the bureau in a letter.
President Donald Trump signed the joint resolution nullifying the CFPB's arbitration rule Wednesday. CUNA supported the repeal, and engaged in active advocacy during the process to overturn the rule via the Congressional Review Act.
CUNA joined with other organizations this week to write House members urging support of a bipartisan bill to provide regulatory relief via the Consumer Financial Protection Bureau’s TRID rule, allowing title insurance companies to share available discounts.
A Treasury Department report released Monday on the CFPB's arbitration rule finds the rule could impose major costs on consumers and the bureau did not consider less onerous alternatives, concerns shared by CUNA.
Credit union concerns with the CFPB's arbitration rule were highlighted in an op-ed in the Juneau Empire, concerns that the rule is inappropriate for credit unions and could deprive consumers of a legal option.