A select group of Missouri credit union representatives had a rare opportunity to sit down with key leaders from the Consumer Financial Protection Bureau (CFPB) on September 26 - one day prior to the CFPB's consumer advisory board inaugural meeting being held in St. Louis.
Credit union leaders explained how regulations being promulgated quickly through the system require additional staffing and increased costs to the consumer.
“Missouri credit unions opened the eyes of the CFPB to the impact that the sheer volume of new regulations is having on credit unions,” says Mike Beall, Missouri Credit Union Association president/CEO. “For example, the remittance rule would exempt credit unions who have fewer than 100 transactions per year. Credit unions were ready to discuss this issue and gave examples of one member who generates more than 100 ACH transfers alone.”
In addition, credit union representatives illustrated how serving members worldwide causes a high volume of remittances, and that the cap of 100 transactions per year is not practical.
The group also encouraged the CFPB to look closer at mortgage regulations and future proposed regulations on overdraft protection and payday lending.
CFPB attendees included:
Credit union attendees included: