CUNA urged a House subcommittee Tuesday to consider the impact of regulatory burden when examining the availability of credit for consumers and small businesses, and highlighted how certain loan types have failed to recover to pre-financial crisis levels.
The CFPB published its request for comment on its remittance rule in the Federal Register Friday, with comments due May 23. The bureau announced it will conduct an assessment on the rule, a rule CUNA has long believed harms consumers.
A CFPB led by a single director is not working for credit unions and has created a rigged system benefitting large banks, CUNA wrote to a House Financial Services subcommittee Tuesday for a hearing examining the bureau’s leadership structure.
CUNA will show the House Financial Services oversight and investigations subcommittee how the CFPB structure impacts credit unions and their members. The subcommittee is conducting a hearing Tuesday at 10 a.m. (ET) examining the bureau’s structure.
The CFPB announced Friday it is seeking comment on a bureau plan to assess its rule on international remittances. CUNA has long believed the rule has harmed consumers by forcing credit unions out of this market.
The CFPB published its proposed delay of its prepaid accounts rulemaking Wednesday in the Federal Register shifting the implementation date to April 1 a request CUNA made when commenting on the proposed prepaid rule.
CUNA joined other trade organizations Friday in filing an amicus brief in a court case that questions the CFPB’s structure. The brief focuses on the non-constitutional issues in the case and applauds the court for its previous RESPA ruling.
The U.S. Court of Appeals in Washington Thursday granted the CFPB's request to reconsider an October decision that ruled the bureau’s leadership structure is unconstitutional. CUNA supports replacing the single director with a 5-person commission.
Allowing third-party access to consumer financial data leads to concerns about liability and unauthorized access, CUNA told the CFPB Wednesday in response to a request for information. Of particular concern is liability associated with unauthorized transactions or data breaches.
For credit unions, the Electronic Signatures in Global and National Commerce Act of 2000 means information required to be made available can be delivered electronically, as long as the credit union complies with its requirements.
There's still time to register for Tuesday's free Member Activation Program webinar for MAP credit unions and those who want to learn more about MAP, which will include an update on CUNA’s Campaign for Common-Sense Regulation.
While the DOD has affirmed the Military Lending Act’s effective date for credit card accounts of Oct. 3, CUNA is engaged with legislators to build support for efforts to exempt credit unions from the rule.