Learn more about Member Benefits
The intent of Section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) is to facilitate enforcement of fair lending laws and enable communities, governmental entities, and creditors to identify business and community development needs and opportunities of women-owned, minority-owned, and small businesses. Credit unions strongly support the goal of this provision and seek to provide all members with opportunities such as the ability to start or own a small business when it is possible to do so. However, credit unions are concerned about the likely unintended consequences of having to collect additional data, which because of their diverse and unique fields of membership would not align with practices for collecting data by the large Wall Street banks and other financial service providers.
Credit unions, by their very mission, seek to provide safe and affordable products and services to consumers in need. While CUNA strongly supports the intent of Section 1071 and the Equal Credit Opportunity Act, there are serious concerns about unintended consequences that could result from a rule requiring additional data collection.
Requiring the collection of more data could do more harm than good by creating additional regulatory barriers for credit unions seeking to provide member business loans. Comparable data collection requirements as suggested by the CFPB in this RFI have proven to be extremely burdensome to credit unions and will likely impact credit union participation in the small business lending market. CUNA has been engaged with the CFPB on this issue for some time and will continue to urge the CFPB to tailor any data collection for credit unions.
In accordance with the Paperwork Reduction Act of 1995 (PRA), the Bureau of Consumer Financial Protection (Bureau) is proposing to renew with change the Office of Management and Budget (OMB) approval for an existing information collection titled, ''Consumer Response Intake Form''.
The CFPB is requesting comments on their proposition to renew the Office of Management and Budget (OMB) approval for an existing information collection titled, ''Generic Information Collection Plan for Consumer Complaint and Information Collection System (Testing and Feedback)''.
Vishnu Gawali | Nov 29, 2017
Manoj Bhoi | Nov 29, 2017
Senior Director of Advocacy & Counsel LDempsey@cuna.coop
The DOL finalized a rule defining who is a “fiduciary” of an employee benefit plan under the Employee Retirement Income Security Act of 1974 (ERISA), which included adding brokers and advisers providing advice to individual retirement accounts (IRAs).
Credit unions take a more holistic collection approach when working with their member-owners on debt collection. They are not merely interested in short-term efforts of collecting a debt; instead, they want to find the specific cause of their member's financial challenge.
Champion for the Credit Union Movement
Credit Union National Association is the most influential financial services trade association and the only national association that advocates on behalf of all of America's credit unions. We work tirelessly to protect your best interests in Washington and all 50 states. We fuel your professional growth at every level and champion the credit union story at every turn.
© 2017 Credit Union National Association
ADA Compliance Notice & Legal
© 2017 Credit Union National Association |
ADA Compliance Notice & Legal