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 » Additional CFPB relief would help CUs continue to assist members
Policy & Issues

Additional CFPB relief would help CUs continue to assist members

April 8, 2020
COVID19

CUNA’s continued outreach and engagement with credit unions and other stakeholders resulted in a letter to Consumer Financial Protection Bureau (CFPB) Director Kathy Kraninger Wednesday detailing additional policy recommendations to help credit unions continue to provide high-quality financial services to members affected by the coronavirus disease (COVID-19) crisis.

“While the COVID-19 pandemic has dramatically changed almost every aspect of everyday life, credit unions are standing true to their mission and continuing to assist their members and communities,” the letter reads. “Any regulatory relief the CFPB can provide for credit unions will greatly help in their efforts to serve their consumers.”

Wednesday’s letter follows up two previous letters from CUNA to Kraninger, one requesting remittance flexibility and one with a set of recommendations.

Recommendations include:

Supervision and Enforcement

  • The CFPB should continue to suspend routine onsite examinations and reduce the frequency of requests for examination-related information so credit union employees can dedicate their time to focusing on members.
  • CUNA also encourages the CFPB to expand the “good faith efforts” policy to additional areas where credit unions are acting swiftly to assist members in need.
  • Specifically, CUNA recommends the adoption of a “good faith efforts” policy regarding Regulation B (Equal Credit Opportunity Act) notices for new credit products intended to assist members during the pandemic

Rulemaking

  • The CFPB should extend the compliance deadlines for pending regulatory changes in 2020, unless the regulation reduces requirements. For example, CUNA recommends the CFPB and the Federal Reserve Board extend the July 1, 2020, implementation date for the upcoming changes for Regulation CC (Availability of Funds and Collection of Checks);
  • CUNA also called on the CFPB to provide clarity to credit unions regarding the “temporary GSE patch,” which is set to expire on January 10, 2021 by either extending the “patch” or modify the underlying “ability-to-repay” and “qualified mortgage” rules by eliminating the 43% debt-to-income (DTI) ratio and Appendix Q requirements from the safe harbor
  • CUNA strongly encourages the CFPB to complete its rulemaking on small dollar lending and either exempt credit unions loans completely from the rule’s requirement or rescind the mandatory underwriting provisions in the 2017 final rule.

Guidance

  • CUNA encourages the CFPB to continue to coordinate with other federal banking regulators to issue guidance on mortgage servicing during the COVID-19 pandemic, especially regarding compliance with the Real Estate Settlement Procedures Act.

CUNA also thanked the Kraninger for the CFPB’s actions thus far, including policy statements on mortgage servicing, credit reporting, as well as postponing certain data collections, reducing invasiveness of some exams, and granting flexibility regarding reporting obligations.

KEYWORDS cfpb coronavirus
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