The CFPB Thursday announced several changes called for by CUNA to allow financial institutions flexibility during the COVID-19 outbreak, including reporting from HMDA and certain credit card agreements.

CUNA President/CEO Jim Nussle followed up his Tuesday conversation with CFPB Director Kathy Kraninger with a Wednesday letter to her outlining ways the CFPB could help credit unions more efficiently serve members affected by the coronavirus pandemic.

CUNA President/CEO Jim Nussle spoke with CFPB Director Kathy Kraninger Tuesday on credit union issues relating to the coronavirus outbreak, which follows CUNA’s letter to the CFPB last week on finalizing its Remittance Rule.

A bipartisan commission leading the CFPB would ensure its political independence, CUNA and other trade organizations wrote Friday. The organizations wrote in support of the Consumer Financial Protection Commission Act of 2020, introduced by Rep. Blaine Luetkemeyer (R-Mo.).

The CFPB should quickly finalize its proposal amending the Remittance Rule and to exercise its authority to permit compliance flexibility for remittances sent to individuals in countries affected by the growing public health concern surrounding coronavirus disease.

The CFPB's execution of its regulatory agenda should ensure credit unions are able to provide efficient, safe and affordable products and services, CUNA wrote as CFPB Director Kathy Kraninger appeared before the Senate Banking Committee Tuesday.

Rep. Blaine Luetkemeyer (R-Mo.) and the Republican members of the House Financial Services Committee introduced a CUNA-supported bill Thursday that would replace the CFPB single director with a bipartisan commission.

The Wall Street Journal Editorial Board echoed CUNA’s thoughts on the constitutionality of the CFPB in a piece published as the U.S. Supreme Court prepares to hear a case questioning the constitutionality of having a single director removable only for cause.

Applications to serve on the Consumer Financial Protection Bureau’s (CFPB) Credit Union Advisory Council (CUAC) can still be submitted until Feb. 27. Additional details, including on how to apply, can be found on CUNA’s Removing Barriers Blog.

The CFPB should gather credit union-specific feedback when conducting a survey on small business data collection compliance costs, and the CFPB should use its authority to exempt credit unions from any small business data collection rulemaking.