Consumer Financial Protection Bureau (CFPB) staff joined the monthly meeting of CUNA’s Consumer Protection Subcommittee Thursday to discuss the bureau’s coronavirus disease (COVID-19) related policy statements and initiatives and to hear from subcommittee member credit unions. The Consumer Protection Subcommittee consists of representatives from CUNA’s member credit unions and monitors developments and addresses concerns regarding consumer protection laws and regulations.
CFPB staff provided the latest bureau actions involving mortgage servicing, mortgage origination, credit reporting, small-dollar lending, small businesses lending and other issues.
Subcommittee members also provided feedback on these actions, and other areas of interest to the CFPB on what they are seeing in the field, as well as regulatory pain points that could be addressed to help credit unions better serve members.
Several subcommittee members also shared ways they have enhanced or changed services and products to continue to meet the needs of members as the pandemic continues, and their ideas for how CFPB policies could make this easier.
CUNA has engaged with the CFPB and its leadership throughout the pandemic on ways credit unions can better serve members, most recently this week with a conversation between CUNA President/CEO Jim Nussle and CFPB Director Kathy Kraninger,