Supervisory guidance does not have the force and effect of law, NCUA and other federal financial regulatory agencies said Tuesday in a joint statement. CUNA supports this unified approach from regulators.
The Bureau of Consumer Financial Protection announced new members for its reconstituted Credit Union Advisory Council Friday. All seven of the selected CUAC members are currently CUNA member credit unions.
The Bureau of Consumer Financial Protection issued an interpretive final rule Friday, clarifying the HMDA partial exemptions contained in S. 2155. CUNA urged the bureau to quickly effectuate the regulatory relief in S. 2155.
The Senate Banking Committee voted Thursday in favor of Kathy Kraninger’s nomination to become director of the Bureau of Consumer Financial Protection. Kraninger currently serves in the Office of Management and Budget.
Changes are needed regarding how the Bureau of Consumer Financial Protection handles complaints, CUNA told the bureau in response to its request for information on the consumer complaint and inquiry process.
CUNA urged the BCFP Friday to regularly assess its overall complaint system for compliance burden relief opportunities, in response to a bureau request to OMB to renew information collection associated with its Company Portal.
Credit unions will have two final opportunities to comment on BCFP RFIs with due dates July 9 and July 16. CUNA submitted individual comments for several and submitted copies of its comprehensive white paper for the others.