New measures finalized Thursday by the CFPB on foreclosures are concerning to CUNA due to potential regulatory burdens for credit unions. Early analysis shows that provisions concerning successors in interest, as well as bankruptcy statements, are troubling.
The CFPB Tuesday outlined a number principles to guide mortgage services, investors, government housing agencies and policymakers as they develop foreclosure relief solutions that mirror credit union practices, said CUNA Chief Advocacy Officer Ryan Donovan.
CUNA expressed appreciation to the CFPB Wednesday for its reasonable approach to implementing the Fixing America's Surface Transportation Act. After passage of the FAST Act, CUNA urged the CFPB to provide credit unions clarity through regulation.
The CFPB issued a number of CUNA-requested clarifications Friday to its Truth in Lending Act-Real Estate Settlement Procedures Act integrated disclosure rule. CUNA is still analyzing the proposal, but has found changes it requested.
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.
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.