The CFPB should delegate supervisory responsibilities for credit unions with more than $10 billion in assets to NCUA due to credit unions’ deep history of consumer protection, CUNA wrote to CFPB Director Kathy Kraninger Monday.
CFPB Director Kathy Kraninger announced a symposia series last week on exploring consumer protections in today’s dynamic financial services marketplace. The first topic will be clarifying the meaning of UDAAP.
Registration is now live for the CUNA Current Expected Credit Loss School, a live training event Sept. 5-6 designed to prepare credit unions for the new Current Expected Credit Loss standard going into effect Dec. 15, 2021.
Credit unions using CUNA’s Member Activation Program continue to find success engaging with members. One credit union even used MAP to ask members to share stories about the credit union difference and got many compelling responses.
The NCUA Board issued an advance ANPR Thursday and new Chairman Rodney Hood said he intends to focus on several areas as chairman, including enhancing the credit union charter, enhancing cybersecurity efforts and reducing regulatory burden.
The CFPB is going to focus on “prevention of harm to consumers,” Director Kathy Kraninger said in a speech at the Bipartisan Policy Center Wednesday. CUNA Chief Advocacy Officer Ryan Donovan said CUNA is encouraged by her approach.
CUNA represented America’s credit unions at a White House conference on the Opportunity Zone program, which encourages individuals and businesses to invest in 8,760 low-income communities designated “Opportunity Zones.”
NCUA's Thursday meeting will feature an ANPR on on compensation in connection with loans to members, the only item on the agenda. It will also be the first meeting with new Chairman Rodney Hood and new board member Todd Harper.
Credit unions must be proactive to not only react to banker rhetoric but to bust myths about credit unions and their tax status, CUNA Chief Advocacy Officer Ryan Donovan said Monday, adding that credit unions should not let banks undermine their future.
The credit union difference means all 115 million credit union members come first, CUNA President/CEO Jim Nussle said in a video released this morning, noting that those members are “the boss” when it comes to the credit union movement.
The CFPB released its Winter 2017 Supervisory Highlights recently, detailing issues currently on the bureau’s radar, as well as enforcement trends credit unions should be mindful of, most notably UDAAP in auto loan servicing, mortgage servicing and deposits.
CUNA’s Small Credit Union Committee wrote to NCUA about merger trends, the CECL standard and other issues this week. The letters follow a meeting between the committee and NCUA's Larry Fazio that took place at CUNA GAC.