The CFPB announced Thursday that it will allow advance collection of 2017 Home Mortgage Disclosure Act disaggregated ethnic and racial data categories, though such collection is not mandatory until Jan. 1, 2018.
The U.S. District Court of Appeals for the D.C. Circuit’s Tuesday decision that the Consumer Financial Protection Bureau’s structure is unconstitutional reinforces several CUNA concerns about the bureau as well, said CUNA President/CEO Jim Nussle.
The Small Business Administration’s Office of Advocacy cited CUNA information when urging a credit union exemption from the CFPB's short-term, small-dollar loan proposal Friday, saying that the CFPB underestimated the impact on credit unions.
NCUA Chair Rick Metsger wrote to the Consumer Financial Protection Bureau this week strongly recommending the bureau include a blanket exemption for Payday Alternative Loans (PALs) from its short-term, small-dollar proposal, citing concerns similar to those of CUNA.
The CFPB's proposed rule on short-term, small-dollar loans could rob consumers of safe alternatives to predatory lenders, and CUNA urged the bureau to withdraw its proposal or exempt credit unions as a class in its comment letter.
CUNA is evaluating the CFPB new, 1,600-plus page rule on prepaid cards to make sure credit unions are minimally affected, assessing compliance costs for credit unions offering prepaid accounts that could be associated with the new requirements.
A little more than a week remains for credit unions to comment on the CFPB's short-term, small-dollar lending proposed rule. Comments on the proposal are due Oct. 7. CUNA has a number of concerns with the proposal.
Credit unions and for-profit debt collectors have different considerations when communicating with consumers, CUNA wrote to the CFPB Friday. CUNA wrote to the CFPB as the bureau releases the proposal for a Small Business Review Panel.
CUNA was in attendance Thursday for the semi-annual meeting of the CFPB's Credit Union Advisory Council. The council advises the bureau on how its programs are impacting credit unions and is comprised of mostly CUNA members.
Comments on new information collection for the CFPB's complaint database are due to CUNA by Sept. 14, and to the bureau by Sept. 30. The CFPB requested approval to establish a new information collection.
Consumer Financial Protection Bureau Director Richard Cordray will step down from the agency by the end of the month after serving since 2013. CUNA President/CEO Jim Nussle said CUNA looks forward to a new era at the bureau, one that takes credit unions’ structure and purpose into account during rulemakings.
Credit unions now have less than six months to come into compliance with FinCEN's Customer Due Diligence rule, effective May 11, 2018, which includes provisions on identifying the beneficial owners of legal entity accounts.