The CFPB Wednesday finalized changes to its Equal Credit Opportunity Act regulations that could offer some regulatory relief, while issuing a separate proposal seeking input on proposed Home Mortgage Disclosure Act policy guidance.
Credit unions are concerned about the likely unintended consequences of having to collect additional data on small business lending, CUNA wrote to the CFPB in response to an RFI about the small business lending market.
CUNA President/CEO Jim Nussle responded to a recent op-ed from CFPB Director Richard Cordray, saying the bureau’s failure to exempt credit unions from its arbitration rule rule shows a fundamental misunderstanding of the nature of credit unions.
CUNA will be in attendance at today’s meeting of the CFPB’s Credit Union Advisory Council, which will discuss overdraft and financial empowerment initiatives, according to the notice published by the bureau.
While proposed changes to the CFPB prepaid accounts rule provide some clarity, it will not be helpful for most prepaid card users and CUNA remains opposed to the rule’s application of Regulation Z to certain prepaid cards.
CUNA appreciates the Consumer Financial Protection Bureau’s efforts to decrease the burden on lenders with limited HELOCs, a credit union win, but asked the bureau to consider exempting credit unions, or further increasing the threshold.
CUNA supports the efforts of lawmakers on a resolution of disapproval for the Consumer Financial Protection Bureau’s arbitration rule that would financial service providers from using pre-dispute resolution agreements to block class action lawsuits.
CUNA saw a victory Monday with CFPB Director Richard Cordray's pledge that the bureau would issue a proposal in the coming weeks to raise the HELOC reporting threshold, citing increasing concerns from credit unions about the reporting burden.