CUNA analyzing CFPB's short-term, small-dollar rule
FOR IMMEDIATE RELEASE
Contact: Vicki Christner – CUNA Communication; 202-329-9950; firstname.lastname@example.org
Washington, DC (October 5, 2017) - The Credit Union National Association is analyzing the short-term, small-dollar loan rule just released by the Consumer Financial Protection Bureau. CUNA had numerous concerns with the rule as originally proposed, not least of which was that it could rob consumers of safe and affordable alternatives to predatory loans. CUNA and its state leagues met with the CFPB to discuss concerns regarding the rule numerous times, most recently this week with top CFPB officials, and filed extensive comments outlining the problems with the original proposal. A number of individual credit unions and credit union members also expressed concerns to the CFPB about the proposed rule during the comment period.
"The CFPB has indicated that they have heard the loud voices of America's credit unions and have made significant changes to its original proposal," said Ryan Donovan, CUNA's chief advocacy officer. "CUNA is closely analyzing the CFPB's small-dollar rule to assess exactly what it means for credit unions and their members."
CUNA raised its objections to the rule in Congressional testimony, letters to lawmakers, letters for the record of hearings and follow-up communications with the CFPB. A bipartisan group of representatives, many who serve on the House Financial Services Committee, also wrote to the CFPB with concerns. Other federal agencies, including the National Credit Union Administration and the Small Business Administration, shared concerns similar to CUNA’s.
Credit Union National Association (CUNA) is the only national association that advocates on behalf of all of America's credit unions, which are owned by 110 million consumer members. CUNA, along with its network of affiliated state credit union leagues, delivers unwavering advocacy, continuous professional growth and operational confidence to protect the best interests of all credit unions. For more information about CUNA, visit cuna.org.