The CFPB will host its first symposium of its announced series June 25 in Washington, D.C. on UDAAP, featuring two panels of UDAAP experts and remarks from CFPB Director Kathy Kraninger and Deputy Director Brian Johnson.
CUNA outlined several additional amendments to the HMDA transactional coverage thresholds to the CFPB Tuesday, changes that would reduce regulatory costs associated with HMDA compliance for more than 1,500 credit unions.
The CFPB Thursday announced a delay in the mandatory underwriting provisions for its short-term, small-dollar (payday) rule to Nov. 19, 2020. CUNA supports the delaying but also called for an implementation delay of the entire rule.
The CFPB significantly expanded its Misadventures in Money Management financial education tool to active-duty servicemembers. It was initially developed for future servicemembers who enlisted but had not yet shipped off to basic military training.
CUNA urged CFPB Director Kathy Kraninger to intervene with the FCC and ask the agency to delay and reconsider its ruling on default call blocking, particularly since the CFPB supports consumer awarenes of important account information.
CUNA wrote in favor of a successful amendment to the Consumers First Act (H.R. 1500) Wednesday, one that would ensure credit unions would be represented on the CFPB's Consumer Advisory Board. Rep. Haley Stevens (D-Mich.) offered the amendment.
The CFPB's payday rule would have a detrimental impact on access to consumer-friendly credit union products if implemented unchanged, and CUNA believes the rule fails to strike a balance between consumer protection and credit union member service.
The suggestion that banks and credit unions resemble each other is laughable, CUNA Chief Advocacy Officer Ryan Donovan said in response to banker opposition to CUNA’s request that the CFPB hand over supervision to the largest credit unions to NCUA.
CUNA and state credit union leagues attended a CFPB town hall Wednesday its recently issued proposal on debt collection practices. The event included a panel of debt collection associations, consumer advocates and public interest attorneys.
Representatives from CUNA and the Minnesota Credit Union Network met with Consumer Financial Protection Bureau staff in Minneapolis Wednesday. The organizations discussed credit union priorities, particularly in the lending space.