CUNA President/CEO Jim Nussle followed up his Tuesday conversation with Consumer Financial Protection Bureau (CFPB) Director Kathy Kraninger with a Wednesday letter to her outlining ways the CFPB could help credit unions more efficiently serve members affected by the coronavirus (COVID-19) pandemic.
“We ask that the CFPB stay in regular communication with financial services providers and be as transparent as possible during this crisis. If up-to-date information from official sources becomes infrequent, then regulated entities may in turn become concerned that looming issues are being ignored or not adequately addressed,” the letter reads. “ CUNA is ready and willing to assist in communicating and amplifying any critical messages from the Bureau to credit unions and their members…We also encourage the CFPB to use its platform to assure consumers that their deposits are insured by the federal government and they can continue to look to their local credit union for financial guidance and assistance.”
CUNA wrote to the CFPB last week noting how finalizing the Remittance Rule changes and providing an accommodation for transfers sent to individuals abroad affected by the COVID-19 outbreak would ensure credit union members have access to efficient methods from their local credit union to transfer money internationally to relatives and friends affected by the pandemic.
Anticipating a likely short-staffing issue, CUNA recommends the CFPB act to provide flexibility for credit unions’ regulatory compliance responsibilities to ensure consumers are still able to access financial products and services if staff resources become in short supply.
These recommendations include: