The CFPB released proposals for a Small Business Review panel on debt collection Thursday. While the proposals released today are aimed at third-party debt collectors, CUNA is in the process of reviewing the proposals.
CUNA staff met with the CFPB Tuesday to address concerns about its proposed short-term, small-dollar loan rule. During the meeting, CUNA staff raised concerns about the fact that the CFPB’s proposal sweeps in consumer-friendly loans.
The Maryland and District of Columbia Credit Union Association facilitated a roundtable discussion last week with member credit unions and the CFPB. CUNA staff and representatives from the Credit Union Mortgage Association also attended.
The CFPB has extended the comment deadline for its payday and small-dollar loan proposal to Oct. 7. CUNA has also moved back its deadline for accepting comments, which can now be sent to CUNA through Sept. 19.
As the CFPB marked its fifth year of existence Thursday, CUNA President/CEO Jim Nussle wrote about increasing regulatory burden concerns, and said the CFPB should focus on a few specific areas to better serve credit union members going forward.
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.