The CFPB published its final short-term, small-dollar loan rule in the Federal Register Friday, much-improved over the proposed rule after advocacy from CUNA, leagues, credit unions, a big win for the credit union movement.
The CFPB should not base decisions on overdraft protection rulemaking on the current 2011-2012 data it uses, nor should it conflate credit union overdraft products with those of big banks, CUNA told the bureau in a letter.
President Donald Trump signed the joint resolution nullifying the CFPB's arbitration rule Wednesday. CUNA supported the repeal, and engaged in active advocacy during the process to overturn the rule via the Congressional Review Act.
CUNA joined with other organizations this week to write House members urging support of a bipartisan bill to provide regulatory relief via the Consumer Financial Protection Bureau’s TRID rule, allowing title insurance companies to share available discounts.
A Treasury Department report released Monday on the CFPB's arbitration rule finds the rule could impose major costs on consumers and the bureau did not consider less onerous alternatives, concerns shared by CUNA.
Credit union concerns with the CFPB's arbitration rule were highlighted in an op-ed in the Juneau Empire, concerns that the rule is inappropriate for credit unions and could deprive consumers of a legal option.
CUNA supports the CFPB's proposal to remove the 4-business-day limit from its TRID rule. The limit dictates, based on timing, how a lender can disclose a revised estimate of closing costs to the borrower.
The CFPB's final short-term, small-dollar rule appears to have addressed many concerns addressed by CUNA, leagues and credit unions, a big win for the credit union movement. CUNA is still analyzing the nearly 1,700-page final rule.
Members of CUNA’s Consumer Protection Subcommittee discussed the need for regulatory relief and other topics with NCUA, the Consumer Financial Protection Bureau, legislators and CUNA staff during their fly-in meeting this week.
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.