Removing Barriers Blog

Advocacy Team Members Participate in the CUNA’s Attorneys Conference
Posted October 28, 2015 by CUNA Advocacy

This week, CUNA attorneys joined nearly 150 lawyers in Orlando, Florida to discuss issues facing the credit union industry. Regulators from both the Consumer Financial Protection Bureau (CFPB) and the National Credit Union Administration (NCUA) also participated in the event.

Corey Stone, CFPB assistant director of Credit Information and Deposits Markets, joined Senior Directors of Advocacy and Counsel Luke Martone and Leah Dempsey in a presentation about Overdraft Protection and the CFPB’s proposals under consideration for Payday and Small-Dollar loans. During the presentation, Martone urged the CFPB to consider consumer education, rather than regulation of the Overdraft service particularly in light of the high level of satisfaction for using it as shown by the low number of complaints.

In the discussion concerning the Payday and Small-Dollar proposals under consideration by the CFPB, Dempsey noted that while CUNA strongly supports many of the consumer protections found in the proposals under consideration, particularly those targeting bad actors, we are very concerned about any impact this rule could have on the NCUA PAL program and other similar services offered by credit unions. She urged the CFPB to consider how all of its rulemakings together will impact the availability of credit and funds for credit union members.

Senior Director of Advocacy and Counsel Lance Noggle participated in a panel with the NCUA’s Associate General Counsel Frank Kressman, Staff Attorney Justin Anderson, and Staff Attorney Regina Metz. During the presentation the NCUA representatives discussed Member Business lending, Field of Membership, and the Office of Consumer Protection.

During a separate presentation with Dempsey, CUNA’s Deputy Chief Advocacy Officer and Senior Counsel Elizabeth Eurgubian provided an overview of the issues and pending rulemakings from the CFPB that are impacting credit unions. Eurgubian also provided an outline of how CUNA’s new advocacy structure which includes collaboration of regulatory, legislative, communications, and compliance functions is necessary for the new regulatory environment credit unions are facing. During the presentation, Eurgubian also discussed recent final rules such as TRID and HMDA, and noted that CUNA’s work is not done when a final rule comes out, particularly when there is still a need to advocate for changes to the final rule. The presentation also addressed pending rulemakings such as the Payday, Small-Dollar proposals under consideration, the impending Debt Collection proposed rule, the impending Prepaid final rule, pending Overdraft rules, and the Arbitration SBREFA panel.

Additionally, Senior Director of Advocacy and Counsel Andy Price and Chief Compliance Officer Jared Ihrig provided an overview of Hot Regulatory and Compliance issues for credit unions. During this panel, Price discussed CUNA’s work in response to the recent FCC TCPA Omnibus Order, and outlined some compliance concerns credit unions may be facing as a result of this Order. Ihrig also discussed the recent final rule concerning the Military Lending Act from the Department of Defense. Additionally, he outlined concerns with recent class-actions and enforcement actions impacting the industry.