Credit unions and leagues are very concerned about the number, scope, and heft of current and developing Consumer Financial Protection Bureau (CFPB) regulations. The Credit Union National Association (CUNA) shares those concerns.
To help get a better handle on what can be expected from the CFPB, CUNA’s Regulatory Advocacy group has developed a chart that lists the issues the public is aware of, summarizes their substance, and provides the date for when further action is expected, based on discussions with the CFPB senior staff or the agency’s publications.
While CUNA is engaging with the CFPB on every issue of significance to credit unions, a present focus is the improvement of the remittance transfer rule and achieving a workable safe harbor threshold that will actually provide relief to credit unions offering remittance transfer services to their members. CUNA is prepared to pursue a favorable outcome on this matter as far as they need to go, including increased interaction with Congress and appealing to the Financial Oversight Stability Council (FSOC) if necessary once the final rule is on the safe harbor. That rule is expected shortly. The FSOC is authorized to overturn rules of the CFBP, which is why CUNA successfully advocated to Congress that National Credit Union Administration (NCUA) be included on the Council. CUNA has briefed NCUA on the problems that the remittances regulation will create.
Proposed rules on mortgage servicing and mortgage loan origination compensation are expected very soon as well. All developments from the CFPB on these and other regulations that affect credit unions will be posted.