Removing Barriers Blog

CUNA Representatives Meet with CFPB to Discuss Pending Regulations
Posted September 15, 2015 by CUNA Advocacy
Yesterday, two CUNA representatives, along with other staff from various financial services trade associations, met with approximately 20 staff at the Consumer Financial Protection Bureau (CFPB) to discuss three major issues, including the agency’s impending proposed rule on overdrafts. 

CUNA staff learned that despite the CFPB’s published rulemaking agenda indicating a prerule action in October, it no longer appears the CFPB will releasing anything in October. It seems like a more likely scenario that any proposed rule will be pushed to next year. The overdraft issue has proven to be a tricky and complex issue for regulators to address. 

The CFPB is also currently seeking approval from the Office of Management and Budget (“OMB”) to conduct a national web survey of 8,000 individuals as part of its study of ATM/debit card overdraft disclosure forms. Industry representatives urged the CFPB to give them an opportunity to weigh in this survey, noting that it would be helpful to see a draft of the survey while the comment period is still open rather than after it closed. This would also give consumers additional opportunity to weigh in, and ensure the survey is accurate.

Lastly, the agency and industry representatives briefly discussed the impending rulemaking on payday and small-dollar loans. There were indications that the CFPB is still engaging with stakeholders impacted by this rulemaking and consulting with other regulators about it, including the NCUA. NCUA has previously expressed concerns with the CFPB’s proposals on payday loans, specifically on how they might affect NCUA’s nascent Payday Alternative Loan (PAL) program.