CUNA officials met Wednesday with CFPB Director Richard Cordray and had a good dialogue on topics ranging from credit union concerns with the new Home Mortgage Disclosure Act rule to issues surrounding the bureau's anticipated payday lending rule.
The CFPB's arbitration proposal tells credit union members to bypass an efficient, cost-effective resolution process and head straight to the courthouse, CUNA told a U.S. House subcommittee Tuesday, the day before a hearing on the proposal.
The CFPB is seeking comments on consumer decision-making when repaying student loans, and CUNA is requesting feedback as it creates its own comment letter on the matter. Comments are due to CUNA May 23.
The CFPB's recent proposal on arbitration will be examined by a House subcommittee Wednesday. The hearing is titled “Examining the CFPB’s Proposed Rulemaking on Arbitration: Is it in the Public Interest and for the Protection of Consumers?”
Testifying on behalf of CUNA during Thursday's CFPB field hearing in Albuquerque, N.M., attorney Kevin Hammar expressed dismay regarding the "one-size-fits-all" approach of the agency's proposed rule on arbitration clauses.
CUNA, the Maryland and District of Columbia Credit Union Association, and member credit unions met with CFPB staff Monday to discuss regulatory implementation, particularly in regards to the Home Mortgage Disclosure Act.
CUNA applauds the Consumer Financial Protection Bureau for moving quickly to implement the Helping Expand Lending Practices in Rural Communities Act. The rule, which became effective March 31, represents a victory for credit unions, and as mentioned in a letter sent to the CFPB Thursday, will help credit unions provide more credit to consumers in rural and underserved areas.