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News Now

Washington
CFPB Hearing, Priorities Featured In Reg Advocacy Report
WASHINGTON (4/30/13)--Consumer Financial Protection Bureau Director Richard Cordray last week told a Senate hearing that the Credit Union National Association's advocacy efforts have had an impact at the agency. CUNA covers this and other details of the hearing, including congressional concerns regarding the CFPB's consumer data collection practices, in this week's Regulatory Advocacy Report.

The CFPB has worked closely with CUNA and others as "plain English" small-entity compliance guides are developed, Cordray said during the April 23 Senate Banking Committee hearing on the CFPB's semiannual report. Senators also asked Cordray pointed questions on the types of consumer data the CFPB collects and where the agency obtains such data.

Cordray said the agency is collecting anonymous data from credit reporting agencies and requesting records from financial institutions. The data will help the agency write new rules, litigate enforcement actions and promote financial literacy, among other priorities, he added.

Cordray in his testimony also addressed:

  • Mortgage servicing and credit card issues;
  • Error correction for credit reporting; and
  • Indirect auto lending.
CUNA Deputy General Counsel Mary Dunn said in the Report that CUNA will continue to monitor CFPB's actions and advocate for credit unions.

Other items addressed in this week's Regulatory Advocacy Report include:

  • The CFPB's civil penalty fund proposal;
  • A recent CFPB payday lending white paper;
  • Proposed CFPB mortgage rule amendments;
  • Details of an upcoming CUNA Technology Council webinar entitled "Mitigating and Responding to a Distributed Denial of Service (DDoS) Attack;" and
  • CFPB staff updates.
Employees or volunteers of CUNA and state credit union league member credit unions can sign up below to receive the Regulatory Advocacy Report.

The Regulatory Advocacy Report is archived on cuna.org. Also, use the second resource link to access Cordray's Senate testimony.
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