Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
CUNA to CFPB Consider CUs as rules are written
WASHINGTON (7/5/11)--The Credit Union National Association (CUNA) has called on the Consumer Financial Protection Bureau (CFPB) to consider the differences between member-owned financial cooperatives such as credit unions and for-profit banks that put the interests of their shareholders first as it develops and amends rules. CUNA's Deputy General Counsel Mary Dunn reiterated to the CFPB that credit unions are quite concerned about the rising tide of regulations under which credit unions must operate. She urged the agency to look for ways to minimize those requirements. She added that credit unions support reasonable consumer protections but the regulatory burden on financial institutions that seek to meet consumers' financial needs must be reasonable as well. The CFPB will oversee regulations addressing lending, savings, and consumer privacy when a number of consumer protection laws such as Truth in Savings are moved from the Federal Reserve, the National Credit Union Administration, the Federal Deposit Insurance Corp., and other regulators later this month for implementation by the CFPB. The Truth in Lending Act (TILA), Equal Credit Opportunity Act, most provisions of the Electronic Fund Transfers Act and others are also on the CFPB's regulatory agenda. Nineteen laws are scheduled to come under the CFPB's oversight in late July. CUNA in a comment letter to the CFPB said that it does not take issue with the CFPB taking on oversight of these rules. CUNA did, however, urge the CFPB to refrain from imposing new rules on credit unions. The letter also commended the CFPB for its approach to streamlining TILA and Real Estate Settlement Procedures Act (RESPA) forms. The CFPB is working to integrate the various TILA and RESPA disclosures into a single document comprehensible by consumers. This integration will be achieved by a multi-stage revision process through which the CFPB will release five separate, consecutive versions of its merged mortgage disclosure form. New sample forms will be released about once per month between now and September. A single draft disclosure will then be developed. The CFPB is currently in the second stage of this process. CUNA, leagues and credit unions have been actively involved in working with theCFPB on this project and in May met with the CFPB to discuss the first stage of the streamlining process. Additional meetings are in the works. CUNA urged the agency to continue to reach out to stakeholders as it moves forward. For the full letter, use the resource link.


RSS print
News Now LiveWire
Economic activity slowed in June, according to the #Chicago Fed's national activity index, released today #Market http://t.co/1pN6peM8my
12 hours ago
Money burns a hole in workers' pockets after payday, despite best intentions via @WSJeconomy http://t.co/A9SNiUdf9v
12 hours ago
"SAR Stats," new from #FinCEN, focuses on #bitcoin. See #NewsNow http://t.co/vS7iTwY2SW
14 hours ago
.@CFPB now accepts consumer complaints on prepaid cards, debt settlement services, credit repair services, and pawn and title loans.
14 hours ago
.@WellsFargo to process transactions in order received, not high to low http://t.co/g0jWJoegoJ
15 hours ago