CFPB’s Kraninger talks tailored regs, PACE, UDAAP w/ CUs

May 3, 2019

California and Nevada credit union leaders met with Consumer Financial Protection Bureau (CFPB) Director Kathy Kraninger is Los Angeles Tuesday to discuss credit union issues. Credit union leaders in attendance stressed the need for tailored regulations from the CFPB.

Specific Issues discussed include the need for strong Property Assessed Clean Energy (PACE) loan regulations, reconsideration of the CFPB’s Remittance rule coverage and safe harbor threshold, payday lending exemptions and the need for the CFPB to define “abusive” under Unfair, Deceptive or Abusive Acts or Practices (UDAAP).

“It was clear the Director has heard loud and clear the need for tailored regulations, and she said she is open to looking for exemption opportunities,” said Sharon Turley, vice president of regulatory advocacy for the California and Nevada Credit Union League. “The League valued this opportunity to meet with Director Kraninger for the second time. We find the director open and attentive to credit union issues.”

The league also met with Kraninger in January in San Francisco, which was her first meeting with credit union representatives since taking the helm at the CFPB.

Credit unions represented include (all are from California unless otherwise indicated):

  • California CU, Glendale;
  • Educational Employees CU, Fresno;
  • Farmers Insurance Group FCU, Los Angeles;
  • Golden 1 CU, Sacramento;
  • LBS Financial CU, Long Beach;
  • Patelco CU, Pleasanton;
  • SAG-AFTRA FCU, Burbank;
  • SchoolsFirst FCU, Santa Ana;
  • SESLOC FCU, San Luis Obispo;
  • Southland CU, Los Alamitos;
  • Water and Power Community CU, Los Angeles; and
  • WestStar CU, Las Vegas, Nev.