The CFPB is expected to release its proposal on debt collection in conjunction with a July 28 field hearing in Sacramento, Calif. CUNA has met with the bureau a number of times to address the forthcoming rulemaking.
A bipartisan majority of 70 U.S. senators are calling on the CFPB to tailor rulemakings to protect credit unions from regulatory burden. The combined advocacy efforts of CUNA and state leagues bring total signers from both chambers to 399.
The results of CUNA’s comprehensive regulatory burden study were cited by Sen. Rob Portman (R-Ohio) in a letter he wrote to CFPB Director Richard Cordray stressing the importance of tailored regulations for small financial institutions such as credit unions.
A recording of CUNA’s free webinar on the effects of the CFPB's short-term, small-dollar lending rule is now available for members. The July 6 webinar ran for approximately 65 minutes and was attended by nearly 500 people.
The CFPB Friday issued a proposed rule to implement legislation that would exempt financial institutions meeting certain requirements from sending annual privacy notices. CUNA heavily advocated for this as part of the Fixing America’s Surface Transportation Act.
As CUNA continues its advocacy efforts on the CFPB's short-term, small-dollar lending rule, it seeks feedback from credit unions on how they will be affected by the proposed rule. Feedback is due to CUNA by Aug. 31.
CUNA met with the CFPB Monday, as part of a listening session hosted by the bureau to hear industry concerns on its mortgage disclosure rule. During the meeting, bureau indicated that it favors providing flexibility versus being overly prescriptive.
CUNA supports appropriate disclosure of necessary decision-making information, as well as efforts intended to empower consumers in understanding financial products. CUNA's letter responds to the CFPB’s request for information on communications to student loan borrowers.
The NCUA’s final field-of-membership rule was published Wednesday, making it effective Feb. 6. The rule, finalized by the NCUA board in October, facilitates consumer access to credit unions and provides credit unions with more flexibility.