Comments on small entity definition, complaint database, more due in May

May 3, 2015

WASHINGTON (5/4/15)--Comments from proposals ranging from the National Credit Union Administration’s definition of “small entity” to the Consumer Financial Protection Bureau’s (CFPB) consumer complaint database are due throughout the month of May.

CUNA’s advocacy staff is preparing comments on each of these proposals, and also welcomes credit union input while crafting those comments.

Comments due this month are:

  • Today: Proposed rule on NCUA definition of “small entity” under the Regulatory Flexibility Act. This would increase the asset threshold to define an institution as a small entity to $100 million, up from $50 million. Credit unions under the threshold would be considered for greater regulatory relief in future rulemakings;
  • May 11: Financial Accounting Foundation, three-year review of the private company council (PCC). The PCC determines whether alternatives to generally accepted accounting principles are needed to address the needs of private company financial statements. Comments are sought on whether the PCC is meeting its mission, how effective it is and any suggested changes to improve its effectiveness;
  • May 14: Federal regulatory agencies, excluding the NCUA, are seeking input on their second Economic Growth and Regulatory Paperwork Reduction Act review. Most of the regulations do not apply to credit unions, but several from the Federal Reserve Board could;
  • May 18: CFPB credit card market review request for comment. The bureau is seeking information about a number of aspects of the consumer credit card market, including terms of card agreements, consumer protections, online disclosures and add-on products. Comments are due to CUNA by May 6; and
  • May 26: CFPB consumer complaint database request for comments. The bureau seeks public input on the potential collection and sharing of consumer complaints on financial products and services, and more information about how a company handles such complaints. Comments are due to CUNA by May 7.