The Consumer Financial Protection Bureau will conduct the next meeting of its Credit Union Advisory Council (CUAC) May 17, a discussion of "broad policy matters related to the bureau's Unified Regulatory Agenda and general scope of authority," according to the agenda.
The House Financial Services Committee passed the CUNA-supported the CFPB Transparency and Accountability Reform Act (H.R. 2798) Wednesday night, which would make CUNA and League-supported changes to the CFPB's structure, funding, and more.
CUNA wrote the House Financial Services Committee in support of several pieces of legislation to modernize the Consumer Financial Protection Bureau (CFPB) and ensure its approach to credit unions is measured and balanced.
CUNA and other organizations wrote in opposition to the Consumer Financial Protection Bureau’s recent proposal to create a public registry of companies that use certain contract terms and agreements, most significantly, arbitration agreements.
The CFPB issued guidance Monday to address “abusive conduct” in consumer financial markets. The policy statement will “assist consumer financial protection enforcers in identifying wrongdoing, and will help firms avoid committing abusive acts or practices,” according to the CFPB.
The Consumer Financial Protection Bureau (CFPB) released its final rule on section 1071 of the Dodd-Frank Act Thursday, which would require credit unions to collect and report certain data on applications for credit.
The Consumer Financial Protection Bureau (CFPB) published its proposal on credit card late fees in the Federal Register Wednesday with comments due May 3. CUNA has called on the CFPB to release the Federal Reserve data it heavily relied upon to craft the rule.
Credit unions support the goals of section 1071 of the Dodd-Frank Act but are concerned about increased costs, CUNA wrote to the a House Small Business Subcommittee before its Tuesday hearing on the CFPB’s 1071 small business data collection rule.
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.