WASHINGTON (3/7/16)--More than 266 legislators signed a letter calling for the Consumer Financial Protection Bureau (CFPB) to use its authority to protect credit unions as of Friday. The letter, composed by Reps. Adam Schiff (D-Calif.) and Steve Stivers (R-Ohio) and addressed to the CFPB, cited a Government Accountability Office study that shows how increased regulatory burden for credit unions and other small institutions leads to reduced lending.
WASHINGTON (3/3/16)--The Consumer Financial Protection Bureau announced Wednesday an application process for areas not currently deemed “rural” receive that designation under federal consumer financial law. However, the final rule does not contain language helpful to credit unions by removing Truth in Lending Act requirements that lenders prove they "predominately" operate in rural or underserved areas.
WASHINGTON (3/3/16)--Online payment platform Dwolla was hit with a $100,000 penalty, the Consumer Financial Protection Bureau announced Wednesday, stemming from alleged misrepresentation of Dwolla’s data security practices.
WASHINGTON (3/2/16)--Complaints about prepaid products have risen in recent months, according to the Consumer Financial Protection Bureau’s complaint snapshot. The monthly snapshot also examined complaints from Texas and the Houston metropolitan area.
WASHINGTON (3/1/16)--CUNA was in attendance Monday at a discussion about the Consumer Financial Protection Bureau regarding its “successors-in-interest” proposal. The CFPB first proposed changes to the rule in December 2014, and CUNA expressed a number of concerns in its March 2015 comment letter, but no rule has been finalized.
WASHINGTON (2/26/16)--Space is still available at a March 1 webinar for those with questions about the Truth in Lending Act-Real Estate Settlement Procedures Act integrated disclosures rule and construction lending.
WASHINGTON (2/26/16)--A Dear Colleague letter addressed to the Consumer Financial Protection Bureau urging the agency to use its authority to protect credit unions has gained several dozen signers from House representatives--a direct result of this week’s credit union visits with legislators.
WASHINGTON (2/23/16 UPDATED 3:55 P.M. ET)--Consumer Financial Protection Bureau (CFPB) Director Richard Cordray told a crowd of nearly 5,000 CUNA Governmental Affairs Conference attendees today that credit unions should be applauded for making consumer protection job No. 1, even before the existence of the CFPB.
WASHINGTON (2/11/16)--As a U.S. House Financial Services subcommittee gears up for today’s hearing on short-term, small-dollar lending, CUNA presented its concerns that the Consumer Financial Protection Bureau has taken a “broadsword approach” that could seriously hinder credit unions’ ability to serve their most vulnerable members.
CUNA compliance staff recently responded to a query if credit unions are required to disclose the numerical value of the military annual percentage rate to borrowers covered under the Military Lending Act.
Following its groundbreaking comprehensive study on regulatory burden, CUNA released its new Regulatory Burden Calculator that allows individual credit unions to assess the impact of regulation on their operations.
After months of advocacy by CUNA, the CFPB Thursday wrote to CUNA announcing it will initiate a rulemaking this summer to address issues with the bureau’s Truth in Lending Act-Real Estate Settlement Procedures Act integrated disclosures rule.