CUNA, the Maryland and District of Columbia Credit Union Association, and member credit unions met with CFPB staff Monday to discuss regulatory implementation, particularly in regards to the Home Mortgage Disclosure Act.
CUNA applauds the Consumer Financial Protection Bureau for moving quickly to implement the Helping Expand Lending Practices in Rural Communities Act. The rule, which became effective March 31, represents a victory for credit unions, and as mentioned in a letter sent to the CFPB Thursday, will help credit unions provide more credit to consumers in rural and underserved areas.
Looking toward future rulemakings by the Consumer Financial Protection Bureau, CUNA’s Deputy Chief Advocacy Officer Elizabeth Eurgubian says the agency needs to use its general authority to ensure credit unions aren’t adversely affected by rules intended to protect consumers.
Consumer Financial Protection Bureau Director Richard Cordray responded Friday to 329 legislators who wrote him calling for the bureau to use its exemption authority to achieve regulatory relief. While Cordray’s letter outlines some steps the bureau has taken to tailor its regulations, CUNA is calling for more substantive relief.
A bill to place the Consumer Financial Protection Bureau under the appropriations process is a “great regulatory relief opportunity for credit unions,” CUNA said Wednesday after the U.S. House Financial Services Committee passed the Taking Account of Bureaucrats’ Spending Act of 2015.
Placing the Consumer Financial Protection Bureau under the appropriations process is a step toward ensuring credit unions are not further burdened with regulations, CUNA President/CEO Jim Nussle wrote prior to today’s markup of Taking Account of Bureaucrats’ Spending Act of 2015.
CUNA reiterated points from its March 11 comment letter during this week's meeting with the Consumer Financial Protection Bureau regarding the Home Mortgage Disclosure Act and the bureau’s resubmission guidelines.
WASHINGTON (4/8/16)--Sen. Tim Scott (R-S.C.) expressed concern over the effects of regulation on credit unions and community banks to Consumer Financial Protection Bureau Director Richard Cordray Thursday, and CUNA took note of inaccuracies in Cordray’s response.
Since CUNA’s compliance staff compiled a list of changes in mortgage interest reporting under the IRS’s Form 1098, several questions have arisen. CUNA’s compliance staff has been able to connect with a coalition of consumer mortgage lenders to provide answers.
Following its groundbreaking comprehensive study on regulatory burden, CUNA released its new Regulatory Burden Calculator that allows individual credit unions to assess the impact of regulation on their operations.
After months of advocacy by CUNA, the CFPB Thursday wrote to CUNA announcing it will initiate a rulemaking this summer to address issues with the bureau’s Truth in Lending Act-Real Estate Settlement Procedures Act integrated disclosures rule.