The CFPB took action Thursday against Atlantic Union Bank for enrolling thousands of customers in overdraft programs covered by the Electronic Fund Transfer Act without the proper consent. The consent order covered both in-person consumers and consumers who opened accounts by phone.
CUNA, NAFCU, and financial services organizations wrote to President Joe Biden this week asking for him to emphasize the need for proper rulemaking procedure, noting the CFPB continues to issue guidance that operates as a rule without the notice and comment process.
The House passed a resolution of disapproval for the Consumer Financial Protection Bureau’s section 1071 rule Friday. The Senate passed the resolution in October and it will now head to President Joe Biden’s desk, who is expected to veto it.
CUNA and NAFCU wrote House leadership this week in support of a resolution to nullify the Consumer Financial Protection Bureau’s section 1071 rule via the Congressional Review Act. The rule requires credit unions to collect and report certain data on applications for credit.
The Consumer Financial Protection Bureau has failed to account for credit unions’ mission and structure in its activities, a trend that has continued under Director Rohit Chopra, CUNA and NAFCU wrote to the Senate Banking, Housing, and Urban Affairs Committee.
CUNA and NAFCU suggested principles the CFPB should operate under and made other recommendations on the CFPB's structure, rulemaking, and more in a letter sent to the House Financial Services Committee before CFPB Director Rohit Chopra's testimony Wednesday.
CUNA and NAFCU wrote to CFPB Director Rohit Chopra urging the bureau to issue an Advance Notice of Proposed Rulemaking (ANPM) before it published its Notice of Proposed Rulemaking on the consumer reporting under the Fair Credit Reporting Act (FCRA).
The CFPB consistently oversteps or fails to consider the whole impact of its regulations on credit unions and other consumer-focused institutions, CUNA's Jason Stverak wrote in American Banker, adding that this reality counters the bureau's pro-consumer mission.
CUNA, NAFCU, and other financial services organizations wrote to the CFPB Tuesday urging it to deny the recent petition seeking of a regulation banning pre-dispute arbitration provisions in contracts for consumer financial services.
Credit unions are now protected by a nationwide injunction preventing implementation of the CFPB's section 1071 rule, after the U.S. District Court for the Southern District of Texas issued an order staying the rule for all covered financial institutions.
The Winter 2023 issue of Credit Union Magazine explores award-winning marketing, board training on a budget, developments in instant payments, service to small businesses, and NCUA’s final rule on member expulsion.