CUNA
  • Advocacy
    • Priorities we’re fighting for
    • Actions you can take
  • News
  • Learn
  • Compliance
  • Shop
  • 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
  • COVID-19
  • Advertise
  • Awards
    • Nominate Credit Union Hero
    • Nominate Credit Union Rock Star
  • Podcasts
  • Videos
  • Contact
Learn More about Member Value

News

Member Benefits
Learn more
Learn more about the benefits of membership.
Home » CUNA makes recommendations on CFPB compliance cost survey
Policy & Issues

CUNA makes recommendations on CFPB compliance cost survey

February 18, 2020

The Consumer Financial Protection Bureau (CFPB) should gather credit union-specific feedback when conducting a survey on small business data collection compliance costs, CUNA wrote Monday. The letter comes in response to a CFPB request with the Office of Management and Budget to conduct the cost survey, CUNA does not expect a proposed rule to be issued until later in 2020 or 2021.

“CUNA has long asserted the CFPB should conduct a robust cost/benefit analysis prior to issuing any rulemaking that could impact credit union operations. The planned compliance cost survey of one-time costs associated with a small business data collection rulemaking should provide the Bureau with a useful data point to conduct such an analysis,” the letter reads, adding that the CFPB has at times unjustifiably applied data, feedback and trends of bank entities to credit unions, despite the uniqueness of credit unions’ structure and mission.

While CUNA does not object to the Bureau’s plans to gather information on the compliance costs associated with a small business data collection, the letter reiterates CUNAs position that the CFPB should use its authority to exempt credit unions from a small business data collection rulemaking.

“The high costs associated with Section 1071 compliance, particularly for smaller credit unions, would ultimately harm the ability of small business owners to obtain loans from their local credit union,” the letter reads. “This is particularly crucial since credit unions are already highly regulated in this market and subject to strict statutory limitations specific to them, such as caps on member business lending.”

 

KEYWORDS cfpb
Credit Union Magazine - Winter 2020

Winter 2020

Credit Union Magazine’s Winter 2020 edition features CUNA’s 2021 lending outlook, CEO insights on adjusting to the pandemic, and board recruitment strategies.
Digital Edition •  Subscribe

Trending

  • Compliance: 2020 Year in Review, Checklist now available

  • 5 fraud predictions for 2021

  • CUNA sends recommendations to incoming Biden administration

Tweets by CUNA_News

Polls

Will you ask employees to receive the coronavirus vaccine?

View Results
More

Champion of America’s Credit Unions

Credit Union National Association is 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

  • About
  • Careers
  • Contact Us
  • Recommended Websites
  • Privacy Policy

Resources for

  • CUNA Board Members
  • Credit Union Advocates
  • Leagues
  • Press
  • Vendors