The CFPB must release the underlying data on which its credit card late fee proposal is based on and extend the comment deadline to give time for stakeholders to analyze the data, CUNA and other organizations wrote Thursday.
CUNA continues to be concerned with the CFPB's overly broad use of the term “junk fees,” as it will result in less consumer access to credit and ignores many standard fees that consumers opt into.
The Consumer Financial Protection Bureau (CFPB) has missed many opportunities to leverage credit unions’ mission and history to the benefit of consumers, CUNA wrote to the House Financial Services Subcommittee hearing on potential CFPB reforms.
CUNA supports a bill introduced Wednesday that would bring the Consumer Financial Protection Bureau into the appropriations process turn it into an independent agency called the Consumer Financial Empowerment Agency.
Rep. Alex Mooney, R-W.V. introduced the CUNA and League-supported Transparency in CFPB Cost-Benefit Analysis Act (H.R. 1313), which would require the Consumer Financial Protection Bureau to include a cost-benefit analysis in its rulemakings.
The Consumer Financial Protection Bureau announced the appointment of new members to the Credit Union Advisory Council and other advisory committees. All new—and existing—members come from CUNA member credit unions.
CUNA joined other organizations to request at least a 60-day extension of the comment deadline for the Consumer Financial Protection Bureau’s proposal on credit card late fees. The CFPB proposed the rule in February with a 60-day comment deadline.
The Supreme Court announced Monday it will hear a lawsuit challenging the funding mechanism of the Consumer Financial Protection Bureau (CFPB). CUNA has long supported placing the CFPB under the traditional appropriations process.
CUNA and other financial services organizations called on CFPB Director Rohit Chopra to intervene to prevent court-ordered Gramm-Leach-Bliley Act violations. The CFPB has general GLBA rulemaking authority and a responsibility to ensure that inconsistent policy does not displace the rule’s requirements.
CUNA and other organizations called on the Consumer Financial Protection Bureau to comply with its statutory obligations under the Small Business Regulatory Enforcement Fairness Act (SBREFA) as part of a planned rulemaking concerning credit card penalty fees
Credit Union Magazine’s Spring 2023 issue features the 2023 Credit Union Heroes and examines CUNA-League advocacy priorities, board leadership, the impact of financial well-being efforts, fee-related compliance issues, predictions for the year ahead, and more.