CUNA News
  • LOG IN
  • Create Account
  • Sign Out
  • My Account
  • LOG IN
  • Create Account
  • Sign Out
  • My Account
  • Credit Union Magazine
    • Buyers' Guide
    • Digital Edition
    • Credit Union Hero
    • Credit Union Rock Star
    • Subscribe
    • Advertise
    • Contact
  • Advertise
  • 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
  • Awards
    • Nominate Credit Union Hero
    • Nominate Credit Union Rock Star
  • Podcasts
  • Videos
  • Jobs
  • Contact

News

Home » Overdraft, Section 1071 items on Unified Rulemaking Agenda
Policy & Issues

Overdraft, Section 1071 items on Unified Rulemaking Agenda

January 6, 2023
Staff training key to mitigating compliance risk

Federal agencies released their latest Unified Rulemaking Agenda this week with several items of concern to CUNA. The agenda includes actions the agencies plan to take in the near or long term but is not a definitive schedule with specific timelines.

The Consumer Financial Protection Bureau lists an overdraft “pre-rule” and Section 1071, Small Business Lending Data Collection final rule on its agenda.

NCUA lists a “climate-related financial risk” pre-rule on its agenda. Specifically, the pre-rule item will seek input on current and prospective climate-related financial risks to credit unions, related entities, and the Share Insurance Fund.

“We’re disappointed to see several items on this agenda that would negatively impact not only credit unions, but our members as well,” said CUNA Chief Advocacy Officer Robert Lewis. “Credit unions have long fought against these policies, and we will continue to engage regulators and others throughout this rulemaking process.”

Section 1071 of the Dodd-Frank Act would require financial institutions collect and report certain data regarding applications for credit. CUNA supports the goals of the section, but has major concerns with the complexity of the CFPB’s proposed rule.

CUNA filed a Freedom of Information Act request with the CFPB over Section 1071 implementation in May and supported legislation in the last Congress to repeal Section 1071.

CUNA, Leagues, and credit unions have also engaged with the CFPB and Congress on overdraft fees, noting that legislation/policy to limit the availability of overdraft services could harm access to credit.

KEYWORDS CFPB NCUA
Credit Union Magazine: Summer 2023

Summer 2023

Credit Union Magazine’s Summer 2023 issue highlights the lending outlook for the rest of the year, how credit unions leverage fintech companies to boost digital lending, the power of lending partnerships, common Bank Secrecy Act violations, and the shift board members must make when becoming chair.
Digital Edition •  Subscribe

Trending

  • Regulators issue AVM proposal, WH addresses appraisal bias efforts

  • CUNA urges Congress to oppose interchange legislation

  • Nine League executives participate in mentorship program

Tweets by CUNA_News

Polls

Do you think ChatGPT will become useful for credit unions?

View Results
More

Champion for the Credit Union Movement

Credit Union National Association is the most influential financial services trade association and 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

  • Membership
  • Contact Us
  • Careers

Resources for

  • Credit Union Advocates
  • Leagues
  • Press
  • Providers

Our Affiliates

  • American Association of Credit Union Leagues (AACUL)
  • Credit Union Awareness
  • Credit Union House
  • CUNA Strategic Services
  • National Credit Union Foundation
GET CUNA UPDATES
© 2023 Credit Union National Association | ADA Compliance Notice & Legal
Email Us