CUNA attended the two-day meeting of the Consumer Financial Protection Bureau’s (CFPB) Credit Union Advisory Council Wednesday and Thursday. The CUAC advises the bureau on regulating consumer financial products or services, from the perspectives of credit unions and is comprised solely of CUNA member credit unions.
The first day included a discussion of faster payments, remittances and the CFPB’s “Start Small, Save Up” initiative, a financial education initiative to encourage savings.
The CFPB recently issued a request for information on remittances, and the CUAC provided feedback during the meeting on how the current rule has impacted member service and offered recommendations to improve the rule.
CUNA supports raising the “normal course of business” threshold in the rule to 1,000 remittances per year. Comments are due to the CFPB June 28.
CUAC members also shared examples of work they are doing in their communities to encourages savings and enhance financial literacy during discussion of “Start Small, Save Up.” CFPB Director Kathy Kraninger attended this session.
The Thursday portion of the meeting consisted of a combined session with the CUAC, Community Bank Advisory Council and Consumer Advisory Board.
It included discussion of the CFPB’s recent debt collection proposal, as well as recent trends in the mortgage market.