The CFPB's final short-term, small-dollar rule appears to have addressed many concerns addressed by CUNA, leagues and credit unions, a big win for the credit union movement. CUNA is still analyzing the nearly 1,700-page final rule.
Members of CUNA’s Consumer Protection Subcommittee discussed the need for regulatory relief and other topics with NCUA, the Consumer Financial Protection Bureau, legislators and CUNA staff during their fly-in meeting this week.
The CFPB issued an interim final rule Wednesday allowing flexibility to mortgage servicers about when they can communicate foreclosure options to borrowers who have requested communications cease. The final rule goes into effect Oct. 19.
The CFPB should re-propose changes to Regulation CC (Expedited Funds Availability Act) first proposed by the Federal Reserve in 2011. CUNA wrote to the bureau Wednesday highlighting the significant concerns it raised in 2011.
CUNA and several member credit unions participated in the Small Business Administration’s Office of Advocacy Financial Roundtable Monday to talk about CFPB's request for information on the small business lending market.
CUNA wrote in support of a bill Monday that clarifies the business of insurance is exempt from CFPB authority. The bill was introduced by Rep. Sean Duffy (R-Wis.) and co-sponsored by Rep. Gwen Moore (D-Wis.).
The CFPB Wednesday finalized changes to its Equal Credit Opportunity Act regulations that could offer some regulatory relief, while issuing a separate proposal seeking input on proposed Home Mortgage Disclosure Act policy guidance.
Credit unions are concerned about the likely unintended consequences of having to collect additional data on small business lending, CUNA wrote to the CFPB in response to an RFI about the small business lending market.
CUNA President/CEO Jim Nussle responded to a recent op-ed from CFPB Director Richard Cordray, saying the bureau’s failure to exempt credit unions from its arbitration rule rule shows a fundamental misunderstanding of the nature of credit unions.