CUNA appreciates the announcement from the CFPB this week that it will make changes to its disclosure requirements to its current ex parte policy on rulemakings, giving 10 business days for documentation up from 3 days.
The CFPB issued a proposal designed to facilitate compliance with the 2015 updates to the HMDA rule. Initial CUNA analysis suggests the changes will be favorable for credit unions, and CUNA will continue to examine the proposal.
CFPB Director Richard Cordray claimed Wednesday that credit unions are a “daily concern” for the bureau, a statement questioned by CUNA President/CEO Jim Nussle. Several other House committee members questioned the bureau’s chilling effect on services to consumers.
CUNA has deep concerns that the CFPB rarely gives consideration to regulatory burdens as a result of once-size-fits-all regulations, it wrote to the House Financial Services Committee, addressing rules the CFPB claims to already have provided necessary relief from.
A 6-month delay of the CFPB’s prepaid accounts rule will not give card issuers and vendors adequate time to prepare, CUNA said, suggesting a 1-year delay the CFPB could use to examine ways to minimize potential unintended consequences.
Seventeen members of Congress wrote to House appropriators requesting language on the CFPB’s exemption authority be included in the fiscal year 2017 FSGG Appropriations bill. Clarifying this authority is a major goal of CUNA’s Campaign for Common-Sense Regulation.
CUNA urged a House subcommittee Tuesday to consider the impact of regulatory burden when examining the availability of credit for consumers and small businesses, and highlighted how certain loan types have failed to recover to pre-financial crisis levels.
The CFPB published its request for comment on its remittance rule in the Federal Register Friday, with comments due May 23. The bureau announced it will conduct an assessment on the rule, a rule CUNA has long believed harms consumers.
A CFPB led by a single director is not working for credit unions and has created a rigged system benefitting large banks, CUNA wrote to a House Financial Services subcommittee Tuesday for a hearing examining the bureau’s leadership structure.
The second phase of Same Day ACH rollout has a Sept. 15 effective date, and a list of recommended action items to be performed has been released. All financial institutions must be prepared to receive by Sept. 15.
The House Financial Services Committee will conduct a hearing on Rep. Jeb Hensarling’s (R-Texas) Financial CHOICE Act next week. CUNA President/CEO Jim Nussle said CUNA appreciated the effort to bring regulatory relief to credit unions and other institutions.