The CFPB should explore several revisions and additions to its remittance rule, CUNA wrote in response to a proposed rule making several changes to the remittance rule, including raising the threshold to 500 remittance transfers per year.
Ongoing compliance costs from the TRID rule continue to affect credit union lending, CUNA wrote to the CFPB as it assesses the rule as required by statute. CUNA found TRID rule compliance expenditures cost credit unions $563 million in 2018 alone.
CUNA and representatives from six credit unions participated in a financial institution roundtable Wednesday on developing and implementing successful savings programs for consumers hosted by the CFPB.
The CFPB announced 2020 asset-size exemption thresholds for HMDA based on the Consumer Price Index for Urban Wage Earners and Clerical Workers. Credit unions with assets of $47 million or less are exempt from collecting HMDA data in 2020.
The new year marks not only the start of a new decade, but the effective date of several important rules for credit unions, including the extended HMDA reporting threshold and NCUA's "second chance" initiative.
The creation of a multi-member leadership commission at the Consumer Financial Protection Bureau would remedy the constitutional defect currently present at the agency, CUNA argued in a brief filed with the U.S. Supreme Court Monday.
The CFPB issued a proposed remittance rule Tuesday increasing the “normal course of business” threshold to 500 transfers per year. CUNA has asked for it to be raised to at least 1,000 but considers the proposal a positive step forward.
CUNA attended last week’s two-day meeting of the CFPB’s Credit Union Advisory Council, which included a roundtable discussion and a conversation about HMDA. The CUAC consists of representatives from eight CUNA member credit unions.
The CFPB's next symposium will examine a Dodd-Frank Act section that amends the Equal Credit Opportunity Act, providing perspectives on the upcoming implementation of Section 1071. It will take place Nov. 6.
A bipartisan commission leading the CFPB, as proposed by President Barack Obama and Sen. Elizabeth Warren (D-Mass.), is essential to preserving the CFPB’s independence, CUNA wrote to the Senate Banking Committee.