CUNA News
  • LOG IN
  • Create Account
  • Sign Out
  • My Account
  • LOG IN
  • Create Account
  • Sign Out
  • My Account
  • Topics
    • Community Service
    • Compliance
    • Credit Union Hero
    • Credit Union Rock Star
    • Credit Union System
    • Directors
    • Human Resources
    • Leadership
    • Lending
    • Marketing
    • Operations
    • Policy & Issues
    • Sales & Service
    • Technology
  • Credit Union Magazine
    • Buyers' Guide
    • COVID-19
    • Digital Edition
    • Credit Union Hero
    • Credit Union Rock Star
    • Subscribe
    • Advertise
    • Contact
  • Advertise
  • Awards
    • Nominate Credit Union Hero
    • Nominate Credit Union Rock Star
  • Podcasts
  • Videos
  • Jobs
  • Contact

News

Home » CUNA analyzing CFPB's short-term, small-dollar rule
Press

CUNA analyzing CFPB's short-term, small-dollar rule

October 5, 2017

FOR IMMEDIATE RELEASE 

Contact: Vicki Christner – CUNA Communication; 202-329-9950; vchristner@cuna.coop  

Washington, DC (October 5, 2017) - The Credit Union National Association is analyzing the short-term, small-dollar loan rule just released by the Consumer Financial Protection Bureau. CUNA had numerous concerns with the rule as originally proposed, not least of which was that it could rob consumers of safe and affordable alternatives to predatory loans. CUNA and its state leagues met with the CFPB to discuss concerns regarding the rule numerous times, most recently this week with top CFPB officials, and filed extensive comments outlining the problems with the original proposal. A number of individual credit unions and credit union members also expressed concerns to the CFPB about the proposed rule during the comment period. 

"The CFPB has indicated that they have heard the loud voices of America's credit unions and have made significant changes to its original proposal," said Ryan Donovan, CUNA's chief advocacy officer. "CUNA is closely analyzing the CFPB's small-dollar rule to assess exactly what it means for credit unions and their members."  

CUNA raised its objections to the rule in Congressional testimony, letters to lawmakers, letters for the record of hearings and follow-up communications with the CFPB. A bipartisan group of representatives, many who serve on the House Financial Services Committee, also wrote to the CFPB with concerns. Other federal agencies, including the National Credit Union Administration and the Small Business Administration, shared concerns similar to CUNA’s. 

### 
 
About CUNA 
Credit Union National Association (CUNA) is the only national association that advocates on behalf of all of America's credit unions, which are owned by 110 million consumer members. CUNA, along with its network of affiliated state credit union leagues, delivers unwavering advocacy, continuous professional growth and operational confidence to protect the best interests of all credit unions. For more information about CUNA, visit cuna.org. 

Credit Union Magazine: Winter 2022

Winter 2022

Credit Union Magazine’s Winter 2022 issue highlights data-driven marketing, the board’s role in cybersecurity, elder abuse scams, credit unions’ auto lending advantage, and more.
Digital Edition •  Subscribe

Trending

  • House passes CUNA, League-led board modernization bill

  • CFPB issues CUNA-opposed proposal on credit card late fees

  • Key committee leaders supportive of credit union priorities

Tweets by CUNA_News

Polls

Vote for the 2023 CU Hero of the Year

View Results
More

Champion for the Credit Union Movement

Credit Union National Association is the most influential financial services trade association and the only national association that advocates on behalf of all of America's credit unions. We work tirelessly to protect your best interests in Washington and all 50 states. We fuel your professional growth at every level and champion the credit union story at every turn.

More CUNA

  • Membership
  • Contact Us
  • Careers

Resources for

  • Credit Union Advocates
  • Leagues
  • Press
  • Providers

Our Affiliates

  • American Association of Credit Union Leagues (AACUL)
  • Credit Union Awareness
  • Credit Union House
  • CUNA Strategic Services
  • National Credit Union Foundation
GET CUNA UPDATES
© 2023 Credit Union National Association | ADA Compliance Notice & Legal
Email Us