President-elect Joe Biden will nominate Rohit Chopra to serve as director of the CFPB. He is currently a commissioner with the Federal Trade Commission and previously served as assistant director and student loan ombudsman at the CFPB.
The CFPB issued guidance for financial institutions serving limited English proficiency consumers in a manner that is beneficial to consumers and is in compliance with relevant statutes and regulations.
NCUA and the Consumer Financial Protection Bureau announced a memorandum of understanding agreement to improve coordination between the agencies related to the consumer protection supervision of credit unions over $10 billion dollars in assets.
The CFPB is accepting applications for membership in all four of its advisory committees, including the Credit Union Advisory Council through Feb. 24. The application is open now. New members serve two-year terms.
The CFPB Taskforce on Federal Consumer Financial Law recommends expanding credit unions’ ability to serve underserved areas in its report. CFPB Deputy Director Tom Pahl discussed the report Tuesday morning with CUNA President/CEO Jim Nussle.
It is critical for federal regulators, including the Consumer Financial Protection Bureau, to appreciate the significant differences in the appropriate role of regulations and of guidance, CUNA wrote to the bureau Monday.
The CFPB's small business lending data collection under Section 1071 of the Dodd-Frank Act will "likely add substantial strain on credit unions’ finite compliance resources but provide an unknown tangible benefit," CUNA wrote Monday.
The CFPB issued final rules related to qualified mortgage loans, one on a General QM one on the new, “Seasoned” QM. The General QM final rule replaces the current DTI requirement with a limit based on the loan’s pricing.
Comments on NCUA’s proposed 2021 budget are due Friday and the NCUA Board is expected to vote on the budget at its Dec. 17 meeting. Feedback on NCUA’s budget is just one of several comment deadlines for credit unions in December and early January.
The CFPB should clarify fair lending standards under the Equal Credit Opportunity Act, update its ECOA examination procedures and revise relevant interagency policy statements related to preventing discriminatory lending.