While proposed changes to the CFPB prepaid accounts rule provide some clarity, it will not be helpful for most prepaid card users and CUNA remains opposed to the rule’s application of Regulation Z to certain prepaid cards.
CUNA appreciates the Consumer Financial Protection Bureau’s efforts to decrease the burden on lenders with limited HELOCs, a credit union win, but asked the bureau to consider exempting credit unions, or further increasing the threshold.
CUNA supports the efforts of lawmakers on a resolution of disapproval for the Consumer Financial Protection Bureau’s arbitration rule that would financial service providers from using pre-dispute resolution agreements to block class action lawsuits.
CUNA saw a victory Monday with CFPB Director Richard Cordray's pledge that the bureau would issue a proposal in the coming weeks to raise the HELOC reporting threshold, citing increasing concerns from credit unions about the reporting burden.
The CFPB finalized its rule on arbitration Monday, and CUNA is currently analyzing it. CUNA had urged the bureau to exempt credit unions from the rule, saying it is inappropriate for member-owned financial cooperatives.
The Consumer Financial Protection Bureau Friday finalized updates to its TRID rule. CUNA supports a number of revisions, which are intended to formalize guidance in the rule, and provide greater clarity.
Comments on a CFPB proposal on mortgage servicing, bureau request for information on small business lending, as well as a Treasury request for input on ways to streamlining regulations to ease burdens, are due in July.
CUNA staff attended a roundtable discussion Monday hosted by the Small Business Administration’s Office of Advocacy to discuss needed changes to CFPB rules, and provide credit union-specific suggestions for modifications to rules.