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 urged Congress to retain and reaffirm the credit union tax status, and outlined the importance of not-for-profit financial cooperatives in a letter sent to the Senate Finance Committee Monday in response to its request for comments.
The NCUA this week filed a motion to deny the ABA's request for summary judgment its lawsuit against the agency’s field-of-membership rule. The request also asks the court to grant NCUA’s motion for summary judgment.
CUNA is seeking credit unions to participate in a relaunch of its regulatory burden study to provide 2017 data on the costs of regulations. The first study found that regulatory burden cost credit unions $7.2 billion in 2014.
CUNA supports proposed changes to proposed changes to ethnicity and race collection under the Equal Credit Opportunity Act. CFPB proposed the amendments to provide a creditor with additional flexibility in how it collects applicant ethnicity and race information.
CUNA President/CEO Jim Nussle wrote to Tresaury Secretary Steven Mnuchin Thursday, providing additional information about how regulations can be more manageable for credit unions. The letter was a follow-up to the roundtable Treasury conducted on financial regulations.
CUNA seeks to update its groundbreaking study that found in 2014 regulatory burden cost credit unions $7.2 billion. The study will be conducted in the fall and result in data that is current as of 2017.
The World Council of Credit Unions filed a comment letter with the Financial Action Task Force last week, focusing on correspondent banking, information sharing and customer due diligence requirements for the underbanked.
Grants and other awards from the Treasury Department are essential for Community Development Financial Institution credit unions to serve their communities. Those credit unions are using CUNA’s Member Activation Program to tell their CDFI stories.
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.