CUNA, Cornerstone League, and Rally Credit Union filed to join an Emergency Motion for Preliminary Injunction in the U.S. District Court for the Southern District of Texas to include credit unions in court action already in effect that stops implementation of the CFPB's section 1071 rule.  

Credit union association leaders are working together to delay the CFPB from enforcing and implementing its final rule on section 101 of the Dodd-Frank Act. CUNA and NAFCU wrote a joint letter outlining concerns and requesting the delay of the rule after a U.S. District Court decision.

The House Financial Services Committee advanced a resolution Thursday night to void the CFPB's section 1071 rule via the Congressional Review Act. CUNA wrote in support of the resolution at the start of the multi-day committee markup and supports a Senate resolution as well.

CUNA filed two comment letters Thursday in strong support of the CFPB proposal on Property Assessed Clean Energy (PACE) loans. The CFPB has proposed applying Regulation Z (which implements the Truth in Lending Act) to PACE loans.

CUNA, the American Association of Credit Union Leagues, and National Association of Federally-Insured Credit Unions filed a brief with the U.S. Supreme Court on a challenge to the constitutionality of the CFPB’s funding mechanism. CUNA is a longtime supporter of placing the bureau under the appropriations process.

The CFPB released its Fair Lending Annual Report to Congress Thursday describing its fair lending activities in enforcement and supervision, and more.

The House Appropriations Subcommittee on Financial Services and General Government released its FY24 draft bill with provisions moving CFPB funding to appropriations process and replacing the single director with a bipartisan, five-member commission.

The CFPB should tailor rules to not be overly burdensome on credit unions, as credit unions are the original consumer financial protectors, CUNA wrote to the Senate Banking, Housing, and Urban Affairs Committee Tuesday for CFPB Director Rohit Chopra’s testimony before the committee.

The CFPB's timing study on “junk fees” has not met the public comment obligations under the Paperwork Reduction Act (PRA) and should not receive a general clearance, CUNA wrote to the White House Office of Information and Regulatory Affairs.

The CFPB credit card late fee proposed rule is a “gross deviation from the Bureau’s standards for issuing policies grounded in sound and relevant data,” CUNA wrote in response to the proposal, which would uniformly reduce the level of permissible credit card late fees.