The Consumer Financial Protection Bureau (CFPB) has missed many opportunities to leverage credit unions’ mission and history to the benefit of consumers, CUNA wrote to the House Financial Services Subcommittee hearing on potential CFPB reforms.
CUNA supports a bill introduced Wednesday that would bring the Consumer Financial Protection Bureau into the appropriations process turn it into an independent agency called the Consumer Financial Empowerment Agency.
Rep. Alex Mooney, R-W.V. introduced the CUNA and League-supported Transparency in CFPB Cost-Benefit Analysis Act (H.R. 1313), which would require the Consumer Financial Protection Bureau to include a cost-benefit analysis in its rulemakings.
The Consumer Financial Protection Bureau announced the appointment of new members to the Credit Union Advisory Council and other advisory committees. All new—and existing—members come from CUNA member credit unions.
CUNA joined other organizations to request at least a 60-day extension of the comment deadline for the Consumer Financial Protection Bureau’s proposal on credit card late fees. The CFPB proposed the rule in February with a 60-day comment deadline.
The Supreme Court announced Monday it will hear a lawsuit challenging the funding mechanism of the Consumer Financial Protection Bureau (CFPB). CUNA has long supported placing the CFPB under the traditional appropriations process.
CUNA and other financial services organizations called on CFPB Director Rohit Chopra to intervene to prevent court-ordered Gramm-Leach-Bliley Act violations. The CFPB has general GLBA rulemaking authority and a responsibility to ensure that inconsistent policy does not displace the rule’s requirements.
CUNA and other organizations called on the Consumer Financial Protection Bureau to comply with its statutory obligations under the Small Business Regulatory Enforcement Fairness Act (SBREFA) as part of a planned rulemaking concerning credit card penalty fees
The Consumer Financial Protection Bureau issued a proposed rule to establish a public registry of nonbanks’ terms and conditions in form contracts. The rule would not apply to credit unions.
Federal agencies released their latest Unified Rulemaking Agenda this week with several items of concern to CUNA. The agenda includes actions the agencies plan to take in the near or long term but is not a definitive schedule with specific timelines.