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.
CUNA continued to express concerns with the CFPB test on bankruptcy forms by signing a joint letter Friday. CUNA sent in its own comment letter Thursday, outlining issues with the methodology and some conclusions.
CUNA is concerned with a report on consumer testing used by the CFPB to analyze periodic statement forms for consumers in bankruptcy, but concurs with some of its findings. The bureau issued a report in February on its study.
Credit unions can send feedback on the CFPB's proposed rule on arbitration to CUNA through Aug. 12, with comments due to the bureau by Aug. 22. CUNA’s early analysis is that the proposal is inappropriate for credit unions.
Six federal agencies published guidance last week designed to ensure all depository institutions are aware of expectations when it comes to deposit reconciliation. CUNA’s compliance explains what it means for credit unions in a recent CompBlog post.