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.”
Supervision and Enforcement
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.