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.
CUNA’s initial analysis of the CFPB's small-dollar proposed rule found some reforms, but credit union products appear to be swept in as well. The CFPB told CUNA to inform the bureau about credit union products affected by the rule.
CUNA continues to analyze the CFPB's 1,300-plus page proposal on short-term, small-dollar loans. The CFPB has agreed to brief CUNA members on the proposal, and CUNA is currently working to schedule the briefing.
Regulations on short-term, small-dollar loan products should strive to balance access and consumer protection, Keith Sultemeier, president/CEO of Kinecta FCU and CUNA member, said during a CFPB field hearing Thursday.
CUNA is analyzing the CFPB's newly released short-term, small-dollar loan proposal for potential effects on credit unions. CUNA President/CEO Jim Nussle said he hopes the proposal will not add burdens to credit unions offering such loans.
The CFPB is expected to release its short-term, small dollar lending rule Thursday, an issue in which CUNA has been extremely active. CUNA took a more aggressive approach to protecting credit union products and services.
With cybersecurity a top priority in 2017 for the financial services industry, CUNA’s compliance staff explored what credit unions should do in the event of a data breach at the institution or its service provider.