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.
CUNA joined other trade groups this week in expressing strong support for language supporting a commission to lead CFPB be included in fiscal year 2018 appropriations legislation, a goal of CUNA’s Campaign for Common-Sense Regulation,
Credit unions are invited to participate in the Small Business Administration Office of Advocacy’s upcoming roundtable on financial issues, scheduled for June 26. The roundtable will focus on the CFPB assessment process and recent request for information.