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 » CU expansion to underserved areas recommended by CFPB taskforce
Policy & Issues

CU expansion to underserved areas recommended by CFPB taskforce

January 5, 2021
CFPBLogo

The Consumer Financial Protection Bureau’s (CFPB) Taskforce on Federal Consumer Financial Law recommends expanding credit unions’ ability to serve underserved areas in its report with more than 100 recommendations. CFPB Deputy Director Tom Pahl discussed the report and the taskforce’s recommendations during a call Tuesday morning with CUNA President/CEO Jim Nussle.

CUNA submitted comments on the taskforce in June 2020, urging it to, “look closely at the outsized impact that the Bureau’s rules have had on credit unions as community-based financial institutions and to recommend the Bureau streamline regulations with an eye toward improving the financial health and well-being of consumers.”

The report is split into two parts, the first with discussion and analysis and the second with more than 100 recommendations in 19 different areas of consumer financial protection law.

It includes recommendations on the CFPB, as well as NCUA, Congress and state policymakers.

The taskforce recommends expanding credit unions’ ability to serve under-served areas, currently only the multiple common bond charter can serve underserved communities outside their common-bond membership.

“The Taskforce is unable to discern a logical reason for excluding certain credit unions from serving underserved areas simply because of the terms of their common bonds,” it reads.

It also recommends NCUA recommend to Congress that all credit union charter types can serve underserved areas, “given the potential to increase inclusion.”

Since the recommendations are those of the taskforce itself the CFPB has not directly endorsed them.

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

  • Allowing capitalization of interest is consumer-friendly option

  • Todd Harper appointed NCUA Chairman

  • Compliance: NCUA, agencies issue FAQs on SAR, other AML requirements

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