The House voted in favor of a joint resolution of disapproval against the CFPB’s indirect auto lending bulletin Tuesday, a move supported by CUNA. It will now go to President Donald Trump for his signature.
Several CFPB civil investigative demand processes have room for improvement, CUNA wrote to the bureau, noting that current processes do not have policies that protect legitimate financial institutions from unwarranted government intrusion.
Thursday, April 19 marked the effective date of amendments to the CFPB's mortgage servicing rules. Confirmed successors in interest are now entitled to the same protections available to borrowers under both Reg Z and Reg X.
The Senate approved its resolution of disapproval for the CFPB's indirect auto lending bulletin Wednesday. CUNA wrote a letter of support for the resolution Tuesday, which would void the bulletin using the Congressional Review Act.
Credit unions’ member-centric focus means that they approach regulation differently than other market participants, CUNA wrote to the Senate Banking Committee for the record of its Thursday hearing with CFPB Acting Director Mick Mulvaney.
CUNA will be heavily engaged with CFPB Acting Director Mick Mulvaney’s appearances before Congress this week. He is scheduled to testify before the House Financial Services Committee Wednesday and the Senate Banking Committee Thursday.
CUNA joined more than 20 financial services trade organizations Monday to support legislation to replace the CFPB single director with a bipartisan, five-member commission, the bipartisan Financial Product Safety Commission Act.