Comments on new information collection for the CFPB's complaint database are due to CUNA by Sept. 14, and to the bureau by Sept. 30. The CFPB requested approval to establish a new information collection.
CUNA will be in attendance Thursday as the CFPB Credit Union Advisory Council conducts its semi-annual meeting. The meeting will feature discussions about debt collection and youth financial literacy and will be streamed live.
The CFPB's rejection of a bipartisan call for regulatory relief is troubling and the bureau is strongly encouraged to reconsider, wrote CUNA and all 37 leagues representing all 50 states and the District of Columbia in a letter.
CUNA joined with 7 other trade associations Thursday asking for extension of the comment deadline for proposed revisions CFPB's Consumer Complaint Database. CUNA seeks to have the comment deadline extended by 45 days.
Recently the CFPB has received several partisan letters from Congress about its rulemakings; however, the need for reducing regulatory burden is the only issue addressed by a supermajority of 399 Members of Congress.
The discussion boards on CUNA’s Compliance Community featured an interesting discussion last week: what is the difference between the terms “share draft” and “checking account”? The correct use is important since credit unions pay dividends, not interest.