CUNA leaders talk CU priorities w/ CFPB Director Kraninger

January 24, 2019

CUNA Chief Advocacy Officer Ryan Donovan and Deputy Chief Advocacy Officer Elizabeth Eurgubian participated in a financial services industry roundtable discussion Thursday with Consumer Financial Protection Bureau Director Kathy Kraninger. Kraninger was confirmed as CFPB director in December.

“CUNA raised a number of credit union priorities, especially ways the bureau can use its exemption authority and tailor regulations to provide regulatory relief for credit unions that will ultimately benefit 115 million credit union members,” Donovan said. “We appreciate Director Kraninger’s willingness to host a discussion, and we look forward to meeting with her in the future to more directly discuss how the bureau and credit unions can work together to better serve consumers.”

Kraninger previously met with the California and Nevada Credit Union Leagues last week, and credit unions have been among the first financial institutions to meet with her.

CUNA followed up Kraninger’s confirmation in with a letter outlining key credit union priorities for the bureau. Those included:

  • Revising the CFPB’s short-term, small-dollar rule to ensure credit union participation in the market and to focus on abusers of consumers;
  • Substantially amending the CFPB’s remittances rule to make it more tailored to allow consumer access to desired products and services;
  • Consideration of additional amendments to Home Mortgage Disclosure Act reporting requirements to provide meaningful exemptions to credit unions;
  • A rulemaking that would clarify the CFPB’s Unfair, Deceptive or Abusive Acts or Practices approach, which CUNA believes is currently overly subjective;
  • Consideration of potential revisions to the Ability-to-Repay/Qualified Mortgage rule, which would include a “meaningful and prolonged feedback process;”
  • Exempting credit unions from any potential rulemaking to require financial institutions to compile, maintain and submit certain data on small business credit applications.