The CFPB's announcement regarding auto lending data contains insufficient information and leads to questions about the bureau’s assumptions, CUNA wrote in response to a bureau press release with an attached document concerning the collection of information related to auto lending.
The CFPB has missed opportunities to recalibrate its regulatory approach to fulfill its consumer protection mission without impeding access to credit, CUNA wrote to the Senate Banking, Housing, and Urban Affairs Committee Thursday.
The CFPB has missed many opportunities to leverage credit unions’ mission and history to benefit consumers, CUNA wrote for the record of a House Financial Services Committee hearing featuring testimony from CFPB Director Rohit Chopra.
The CFPB issued guidance on “junk fees” this week that raise several concerns over the treatment of financial institution fees, including a statement that overdraft and depositor fees likely violate the Consumer Financial Protection Act when consumers cannot reasonably avoid them.
The CFPB Thursday commenced its rulemaking on personal financial data rights under section 1033 of the Dodd-Frank Act, releasing proposals and alternatives under consideration for the CFPB’s data rights rulemaking.
The 5th U.S. Circuit Court of Appeals found the Consumer Financial Protection Bureau’s (CFPB) funding mechanism is unconstitutional Wednesday. CUNA has long supported placing the CFPB under the traditional appropriations process.
The Virginia Credit Union League and leaders from 12 member credit unions met with CFPB Director Rohit Chopra and Senior Policy Advisor Charles Johanek to discuss regulatory priorities and how credit unions' ability to serve members is affected by an ever-evolving regulatory landscape.
CUNA joined organizations Wednesday requesting the Consumer Financial Protection Bureau (CFPB) change its request for comment regarding report of terms from credit card agreements. The CFPB issued its request to revise its existing collection but does not specify what the proposed revisions are.
The Consumer Financial Protection Bureau’s rumored plan to expand Regulation E and the Electronic Fund Transfer Act is unlawful, would contravene the bill’s text, and would run afoul of the Administrative Procedures Act, CUNA wrote to the CFPB Tuesday.
CUNA joined other trade groups Tuesday in filing a petition with the Consumer Financial Protection Bureau (CFPB) calling for a rulemaking to strengthen privacy and security of consumer data held by fintechs, tech companies, and data aggregators. The is the first time CUNA has used the CFPB petition process that was updated in February.