The CFPB finalized its rule on arbitration Monday, and CUNA is currently analyzing it. CUNA had urged the bureau to exempt credit unions from the rule, saying it is inappropriate for member-owned financial cooperatives.
The Consumer Financial Protection Bureau Friday finalized updates to its TRID rule. CUNA supports a number of revisions, which are intended to formalize guidance in the rule, and provide greater clarity.
Comments on a CFPB proposal on mortgage servicing, bureau request for information on small business lending, as well as a Treasury request for input on ways to streamlining regulations to ease burdens, are due in July.
CUNA staff attended a roundtable discussion Monday hosted by the Small Business Administration’s Office of Advocacy to discuss needed changes to CFPB rules, and provide credit union-specific suggestions for modifications to rules.
CUNA joined other trade groups this week in expressing strong support for language supporting a commission to lead CFPB be included in fiscal year 2018 appropriations legislation, a goal of CUNA’s Campaign for Common-Sense Regulation,
Credit unions are invited to participate in the Small Business Administration Office of Advocacy’s upcoming roundtable on financial issues, scheduled for June 26. The roundtable will focus on the CFPB assessment process and recent request for information.
CFPB seeks comments on proposed changes to its prepaid rule, which is scheduled to take effect April 1, 2018. The rule subjects prepaid accounts that access certain overdraft services or credit features to Regulation Z requirements by defining them as “credit cards.”
Excessive credit card requirements have the potential to divert credit union resources and attention away from meeting member needs, CUNA told the CFPB in a letter sent in response to a RFI on aspects of the credit card market.
The CFPB Wednesday agreed to CUNA’s request to extend the comment deadline for its request for information on the small business lending. CUNA requested the 60-day extension in several recent meetings with the CFPB.