The CFPB's rejection of a bipartisan call for regulatory relief is troubling and the bureau is strongly encouraged to reconsider, wrote CUNA and all 37 leagues representing all 50 states and the District of Columbia in a letter.
CUNA joined with 7 other trade associations Thursday asking for extension of the comment deadline for proposed revisions CFPB's Consumer Complaint Database. CUNA seeks to have the comment deadline extended by 45 days.
Recently the CFPB has received several partisan letters from Congress about its rulemakings; however, the need for reducing regulatory burden is the only issue addressed by a supermajority of 399 Members of Congress.
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.
The second phase of Same Day ACH rollout has a Sept. 15 effective date, and a list of recommended action items to be performed has been released. All financial institutions must be prepared to receive by Sept. 15.
As Congress works this week to fund the government past April 28, CUNA will be engaged in the process as it seeks to see 2 particular issues addressed: funding for CDFIs and the CFPB's exemption authority.
CUNA stands ready to work with legislators to see regulatory relief enacted into law, and the CHOICE Act is a good first step, CUNA wrote to House Financial Services Committee leadership Tuesday in advance of a hearing on the bill.