CUNA Chief Compliance Officer & Counsel Jared Ihrig and Senior Director of Advocacy and Counsel Alexander Monterrubio addressed what Consumer Financial Protection Bureau (CFPB) supervision will mean for credit unions, particularly over the next several years, during a webinar Thursday.

The Consumer Financial Protection Bureau (CFPB) Wednesday proposed extending the effective date of two recent debt collection rules to January 29, 2022. This is 60 days after the currently scheduled effective date of Nov. 30, 2021.

The CFPB's stated intention to review the General QM rule brings uncertainty and instability to the mortgage financing system, CUNA wrote in response to a statement indicating it would review the General QM Final Rule, finalized on December 10, 2020.

The CFPB proposed a set of rule changes intended to prevent foreclosures and assist consumers as the emergency federal foreclosure protections expire, including temporary amendments to Regulation X’s mortgage servicing requirements regarding loss mitigation

The CFPB announced Wednesday it is rescinding seven policy statements issued last year that provided temporary flexibilities to financial institutions in consumer financial markets including mortgages, credit reporting, credit cards, and prepaid cards.

The CFPB Thursday announced it is rescinding its January 24, 2020 policy statement, “Statement of Policy Regarding Prohibition on Abusive Acts or Practices.” Going forward, the CFPB intends to exercise its supervisory and enforcement authority consistent with the full scope of its statutory authority under Dodd-Frank.

The Senate Committee on Banking, Housing, and Urban Affairs Wednesday voted  to advance the nomination of Rohit Chopra to serve at the next director of the CFPB. Chopra is currently a commissioner with the Federal Trade Commission.

The CFPB Wednesday proposed a rule that would delay the mandatory compliance date for the recently finalized amendments to the General QM definition. The mandatory compliance date would change from July 1, 2021 to Oct. 1, 2022.

CUNA hopes a new CFPB director will recognize the unique structure of credit unions and the benefit they provide consumers but CUNA also continues to have concerns over the single director structure, it wrote before CFPB nominee Rohit Chopra's testimony Tuesday.

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.