Removing Barriers Blog

CUNA and Consumer Protection Subcommittee Meet with NCUA and CFPB
Posted October 06,2017 by ManojBhoi

Members of CUNA’s Consumer Protection Subcommittee were in Washington, DC for an in-person meeting where they had the chance to discuss the need for regulatory relief amongst each other and with the both the NCUA and the CFPB.              

The subcommittee members represent a diverse section of the credit union industry, from different parts of the county and with different asset sizes. The group had substantive discussions about ways regulatory burdens can be eased on credit unions.

Prior to the agency meetings, CUNA sent a letter to both the NCUA and CFPB asking for their support of the Telephone Consumer Protection Act (TCPA) petition CUNA filed with the Federal Communications Commission (FCC) last week.  In addition to summarizing the petition, both letters outlined CUNA’s concern with the TCPA, including the confusion it is creating in how credit unions can communicate with members.

While meeting with the NCUA, members of the Subcommittee encouraged the Agency to finalize the field-of-membership proposal and also had the chance to thank the NCUA for their advocacy efforts with the CFPB.

Later in the day, the subcommittee members met with several top CFPB staff and had the opportunity to discuss the TCPA Petition, the Small Dollar Rule (which was finalized yesterday), the status and process of the proposed overdraft forms, and the RFI on Small Business Lending data collection,

CUNA thanks the Members of the Subcommittee for their time and involvement on these important issues and thanks both the agencies and staff for their time and look forward to continued dialogue as policies take shape.

Read a full copy of each letter sent: CFPB & NCUA