CUNA submitted a letter Monday in response to the CFPB proposal to amend its No-Action Letter Policy and create a “Product Sandbox” to facilitate innovation, urging the bureau avoid creating an uneven playing field.
The CFPB issued an updated frequently asked questions document in late January for its TRID rule. The questions cover the timing of the Closing Disclosure requirement and safe harbor when using model forms.
The CFPB released proposed rules making changes to its short-term, small-dollar lending rule Wednesday. CUNA has called on the CFPB to revise its rule to ensure credit unions can continue to offer short-term, small-dollar lending options for members.
The CFPB Friday published resources on HMDA reporting for data collected in 2019. The chart is intended as a reference tool for data points required under Regulation C, but is not a substitute for the 2019 Filing Instructions Guide.
Comments on the Consumer Financial Protection Bureau’s proposed Regulation CC amendments are due Feb. 8 and comments on its No-Action Letter policy are due Feb. 11. CUNA will submit comment letters on both proposals.
Senate Majority Leader Mitch McConnell (R-Ky.) filed cloture Thursday on several nominations, including Kathy Kraninger to lead the Bureau of Consumer Financial Protection, setting up a Senate vote on confirmation for the week after Thanksgiving.
The BCFP has updated its small entity compliance guide for HMDA to reflect changes in S. 2155 and the bureau’s August interpretive rule. CUNA has urged the bureau to move quickly in implementing the S. 2155 changes.
The Bureau of Consumer Financial Protection expects to issue proposed rules in January reconsidering its short-term, small-dollar rule, it announced Friday, likely revisiting only the ability-to-repay provisions, not the payments provisions.
The Bureau of Consumer Financial Protection issued its Fall 2018 rulemaking agenda this week, with several items reflecting CUNA’s advocacy with the bureau. The agenda is a snapshot of the bureau’s regulatory priorities into 2019.
CUNA supports the Bureau of Consumer Financial Protection’s participation in the Global Financial Innovation Network, but strongly encourages the bureau encourage the network to ensure a level playing field in comments submitted Sunday.