The CFPB issued a proposed remittance rule Tuesday increasing the “normal course of business” threshold to 500 transfers per year. CUNA has asked for it to be raised to at least 1,000 but considers the proposal a positive step forward.
CUNA attended last week’s two-day meeting of the CFPB’s Credit Union Advisory Council, which included a roundtable discussion and a conversation about HMDA. The CUAC consists of representatives from eight CUNA member credit unions.
The CFPB's next symposium will examine a Dodd-Frank Act section that amends the Equal Credit Opportunity Act, providing perspectives on the upcoming implementation of Section 1071. It will take place Nov. 6.
A bipartisan commission leading the CFPB, as proposed by President Barack Obama and Sen. Elizabeth Warren (D-Mass.), is essential to preserving the CFPB’s independence, CUNA wrote to the Senate Banking Committee.
The CFPB should eliminate data points required by its 2015 HMDA rule but not required by Dodd-Frank, as CUNA believes any benefits obtained from the data points added by the 2015 rule will not outweigh the cost and burden to credit unions.
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 in advance of director Kathy Kraninger's House Financial Services Committee testimony.
The CFPB issued a final rule Thursday extending the 500 open-ended line of credit HMDA reporting threshold for an additional two years, to Jan. 1, 2022. CUNA is supportive of the 500 line-of-credit threshold but has called for the CFPB to make it permanent.
The latest back-and-forth between Congress and the Consumer Financial Protection Bureau is further proof that a bipartisan, multi-member commission is needed, said CUNA Chief Advocacy Officer Ryan Donovan.