CUNA President/CEO Jim Nussle spoke with CFPB Director Kathy Kraninger Tuesday on credit union issues relating to the coronavirus outbreak, which follows CUNA’s letter to the CFPB last week on finalizing its Remittance Rule.
A bipartisan commission leading the CFPB would ensure its political independence, CUNA and other trade organizations wrote Friday. The organizations wrote in support of the Consumer Financial Protection Commission Act of 2020, introduced by Rep. Blaine Luetkemeyer (R-Mo.).
The CFPB should quickly finalize its proposal amending the Remittance Rule and to exercise its authority to permit compliance flexibility for remittances sent to individuals in countries affected by the growing public health concern surrounding coronavirus disease.
The CFPB's execution of its regulatory agenda should ensure credit unions are able to provide efficient, safe and affordable products and services, CUNA wrote as CFPB Director Kathy Kraninger appeared before the Senate Banking Committee Tuesday.
Rep. Blaine Luetkemeyer (R-Mo.) and the Republican members of the House Financial Services Committee introduced a CUNA-supported bill Thursday that would replace the CFPB single director with a bipartisan commission.
The Wall Street Journal Editorial Board echoed CUNA’s thoughts on the constitutionality of the CFPB in a piece published as the U.S. Supreme Court prepares to hear a case questioning the constitutionality of having a single director removable only for cause.
Applications to serve on the Consumer Financial Protection Bureau’s (CFPB) Credit Union Advisory Council (CUAC) can still be submitted until Feb. 27. Additional details, including on how to apply, can be found on CUNA’s Removing Barriers Blog.
The CFPB should gather credit union-specific feedback when conducting a survey on small business data collection compliance costs, and the CFPB should use its authority to exempt credit unions from any small business data collection rulemaking.
A bipartisan commission at the CFPB is essential to preserving its independence, and the CFPB should execute its regulatory agenda in a way that ensures credit unions and other providers are able to provide safe and affordable products and services.
Credit unions located in metropolitan areas that engage in certain types of residential mortgage lending, and that had assets exceeding $46 million as of Dec. 31, 2018, must file a HMDA report this year on mortgage loan applications received during 2019.