Removing Barriers Blog

CUNA Meets with CFPB TO Discuss Small Dollar Rule
Posted July 26, 2016 by CUNA Advocacy

CUNA staff met with the Consumer Financial Protection Bureau today to address concerns and seek clarifications about its proposed rule for payday and small dollar loans. CUNA staff attending the meeting included Elizabeth Eurgubian, Deputy Chief Advocacy Officer & Senior Counsel Regulatory & Executive Branch Relations, Jared Ihrig, Chief Compliance Officer, and Senior Directors of Advocacy and Counsel Andy Price and Leah Dempsey. 

During the meeting CUNA staff raised concerns about the fact that the CFPB’s proposal sweeps in consumer friendly loans such as National Credit Union Administration (NCUA) PAL loans, small-dollar loans offered by state-chartered credit unions that vary in structure, and auto refinance loans. During the discussion CUNA provided the CFPB with their analysis of the proposed rule and told the CFPB that we will be filing detailed comments in October. 

CUNA continues to advocate that this rule should be focused on curtailing predatory lenders who harm consumers, rather than adding compliance burdens to consumer friendly loans. CUNA continues to seek feedback from credit unions impacted by this proposal.