CUNA joined other trade organizations Friday in filing an amicus brief in a court case that questions the CFPB’s structure. The brief focuses on the non-constitutional issues in the case and applauds the court for its previous RESPA ruling.
The U.S. Court of Appeals in Washington Thursday granted the CFPB's request to reconsider an October decision that ruled the bureau’s leadership structure is unconstitutional. CUNA supports replacing the single director with a 5-person commission.
Allowing third-party access to consumer financial data leads to concerns about liability and unauthorized access, CUNA told the CFPB Wednesday in response to a request for information. Of particular concern is liability associated with unauthorized transactions or data breaches.
Sen. David Perdue (R-Ga.) introduced a bill Wednesday to place the CFPB under the appropriations process. Perdue is a member of the Senate Banking Committee, and his bill is titled the CFPB Accountability Act of 2017.
Changes to the CFPB structure represent a reasonable improvement to a flawed structure, not an attempt to undermine the bureau, CUNA wrote to Sen. Sherrod Brown (D-Ohio) Monday. Brown is the ranking member of the Senate Banking Committee.
The CFPB issued a small-entity compliance guide for its rule on prepaid accounts this week. The 158-page guide is intended to help financial institutions understand how the rule applies to their operations.
Sen. Deb Fischer (R-Neb.) introduced a bill Tuesday that would make a number of CUNA-supported changes to the CFPB. CUNA Chief Advocacy Officer Ryan Donovan thanked Fisher for the bill, which he said would benefit credit unions and consumers.
CUNA's call for the CFPB to halt all rulemaking activity was addressed in The Hill over the weekend, as part of coverage of President Donald Trump’s regulatory freeze. CUNA has made multiple calls for the freeze since the election.
CUNA wrote to the CFPB Friday urging the bureau to impose an immediate moratorium on all of its rulemakings. CUNA has called for this since the election, and believes that a White House directive is consistent with the request.
CUNA wrote in support of legislation Monday that is a step forward in addressing the threat of litigation under the Americans With Disabilities Act, urging legislators to consider how credit unions are being impacted by frivolous litigation.
After weeks of hurricanes, and now wildfires, it’s more important than ever for credit unions to be prepared for disasters. Federally insured credit unions are required to have disaster recovery and business resumption plans.