The Department of Justice has ended Operation Choke Point, an initiative designed to combat fraud but concerning to CUNA and credit unions due to potential restrictions in access to financial services.
While the DOD has affirmed the Military Lending Act’s effective date for credit card accounts of Oct. 3, CUNA is engaged with legislators to build support for efforts to exempt credit unions from the rule.
NCUA Wednesday released a package of possible regulatory reforms and urged credit union stakeholders to read and comment. According to the agency, the reforms were recommended by an internal NCUA task force.
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.
Rick Nichols, president/CEO of River Region CU, will testify on behalf of the Heartland Credit Union Association Wednesday. CUNA is also heavily engaged with the markup of the FSGG appropriations bill for fiscal year 2018.
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.
A federal credit union can issue and sell securities, provided it meets a 3-pronged test detailed in NCUA’s regulations on items considered incidental powers. NCUA issued this stance in a legal opinion letter.
The CFPB announced 4 additions to its Credit Union Advisory Council Friday. The council advises the bureau on regulating financial products and services, including how its actions affect credit unions.
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.
CUNA President/CEO Jim Nussle thanked NCUA Chair J. Mark McWatters for asking the CFPB to exempt credit unions with assets of more than $10 billion from the bureau’s examination and supervision authority.
An opinion piece appearing this week in Stars and Stripes credits CUNA and other organizations for pushing for improvements to MLA regulations, saying the changes could make it harder for servicemembers to obtain financial services.
Rep. Brad Schneider (D-Ill.) visited the Waukegan office of Consumers CU, Gurnee, Ill., this week to discuss credit unions' challenges, burdens and regulatory relief opportunities with 25 of the credit union's employees.
CUNA’s final rule analysis of the CFPB changes to the TRID rule is now available. The rule, published in the Federal Register this week is effective Oct. 10, with a mandatory compliance date of Oct. 1, 2018.
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.