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, 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.