The current safe harbor for late fees should remain in place, as any changes would have significant adverse impact on smaller financial institutions and consumers, CUNA wrote to the Consumer Financial Protection Bureau (CFPB) Monday.
The Consumer Financial Protection Bureau (CFPB) extended the comment deadline for its customer service request for information (RFI) by 30 days, the new deadline is August 22. Comments were originally due July 21.
The MD|DC Credit Union Association hosted the first industry in-person roundtable discussion with CFPB Director Rohit Chopra, who said a key priority is to engage with small banks and credit unions that are not directly supervised by the CFPB.
The Consumer Financial Protection Bureau (CFPB) extended the comment deadline for its advance notice of proposed rulemaking on credit card late feed to August 1 (from the original July 17 deadline).
The CFPB is accepting applications to its Credit Union Advisory Council and other advisory committees through July 24. The CUAC advises the CFPB on regulating and consists entirely of representatives from CUNA member credit unions.
CUNA supports legislation that would repeal Section 1071 of the Dodd-Frank Act and require the CFPB to explicitly justify decisions that ignore the interests of small businesses during the rulemaking process.
The CFPB should extend the comment deadline on its advance notice of proposed rulemaking on credit card late fees and late payments by 60 days, CUNA wrote, as the ANPR issued last week has a 30-day comment deadline.
Federal regulators, including the Consumer Financial Protection Bureau and NCUA—issued the Spring 2022 Unified Agenda of Regulatory and Deregulatory Actions. The agendas identify projects under consideration from the agencies from June 1 to May 31, 2023.
CUNA appreciates the CFPB bolstering its oversight of nonbanks in consumer financial services, it said in comments on a procedural rule amending the procedures the CFPB uses to establish supervisory authority over a nonbank based on risk determination.
CUNA and other organizations filed a Freedom of Information Act (FOIA) request with the Consumer Financial Protection Bureau (CFPB) Thursday on the bureau’s implementation of section 1071 of the Dodd-Frank Act.