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CUNA sought and obtained improvements to final rule, but remained concerned that regulatory burdens could make it more difficult for consumers to receive support planning for their financial future from credit union service organizations and some credit unions.
The 158-page compliance guide is intended to help financial institutions understand how the rule applies to their operations.
Democrat members of Congress and several special interest groups most recently sought to intervene.
The Agencies were open to hearing the challenges arising under the MLA and the upcoming credit card regulatory deadline.
CUNA outlined concerns with the FCC interpretation of the Telephone Consumer Protection Act.
On Friday, PHH filed its response to the CFPB’s request for a rehearing en banc in the landmark lawsuit in which the U.S. Court of Appeal for the D.C. Circuit found that the construct of the CFPB violates the constitution and that the Director of it can be removed “at-will”. PHH argued that the court should deny the petition for rehearing en banc.
Several special interest groups, as well as Congressional Democrats petitioned to join the PHH lawsuit while legal experts continue to opine on whether President Trump has the authority to remove CFPB Director Richard Cordray.
The report details the current landscape and challenges regarding development of a faster payments system in the U.S.
The court found that ICBA
lacked standing and timeliness for the claim.
CUNA will address some additional concerns credit unions have with the July 2015 TCPA Order.
Here are the details from NCUA's January 19th meeting
Congress should consider feedback from credit unions that participated on SBREFA panels who felt that final rules did not include enough changes and/or exemptions to limit impact on small credit unions.
Cybersecurity Assessment and Bank Secrecy listed among other priorities to assist credit unions prepare for their next exam.
In its findings, the CFPB identifies a number of consumer preferences and concerns. It also highlights some differences when comparing collections for creditors and collectors.
plaintiffs claim that the New York’s law violates a merchant’s right of free
speech by regulating how they communicate a pricing structure to customers
The event will feature remarks from Attorney General Karl Racine and CFPB Director Richard Cordray, as well as comments by members of the public
The legislation would delay implementation of the rule for two additional years after April 2017, when the first implementation date is currently set.
Court ruled that the appeal can continue, which means the court could at any time grant the request to permanently stop the rule from moving forward.
Exemption threshold for HMDA will remain at $44 million
Here's a rundown of everything you need to know about applying to CUAC.
As we have discussed over the last several months, we see a lot of opportunity to advance regulatory reform legislation that improves the operating environment for credit unions to serve their members.
The Consumer Financial Protection Bureau’s Office for Older Americans has created a guide called Managing Someone Else’s Money specific to financial caregivers in Illinois. It is hosting a webinar on January 12 to provide information about it.
CUNA filed an amicus brief that supports credit union members’ ability to use credit cards without being charged
a fee or surcharge.
The study ignores or misunderstands how certain regulations apply to overdraft services, and it also fails to consider how credit unions differ from banks when offering overdraft services and assumes they are of little to no benefit to consumers.
A quick summary from a CFPB blog post.
court heard arguments from the U.S Attorney, who is representing NCUA and
Several groups expressed concerns that they could not locate documented ex parte communications to proposed rules or noticed that the documentation of such communications were publicly available in noticeably varying timeframes on regulations.gov.
This opens the door for a Republican led Commission in the new Administration.
Here's a list of a few issues that may be of interest.
We sent a letter to the Department of Defense urging them to answer some of our questions.
CUNA expressed our ongoing concerns with a proposed Consumer Response Company Response Survey.
Here are some highlights from the past year.
This new FOM proposal would make two
important additional changes to NCUA’s rules.
The final FOM rule provides
much needed regulatory relief for credit unions. It modernizes FOM regulations, giving credit
unions more flexibility in defining the communities that they serve and thus
gives consumers more choice for financial services.
The CFPB currently has "unprecedented authority over financial institutions, with minimal oversight,” leading to “regulatory uncertainty for consumers, industry, and the economy.”
We try to clarify what will happen with the FCC under the Trump Administration.
CUNA has urged the CFPB not to move forward with any new regulations for overdraft services for credit unions through education about how credit union members use overdraft services.
This raises a few concerns due to CFPB's circumvention of Notice and Comment process of rulemaking, among other things.
We list a few key highlights from the agenda.
Read on to see what was discussed.
CUNA filed its comment letter supporting the proposed rule implementing
changes to the current FHLB rule.
The injunction is effective nationwide and will remain in effect pending further order of the court.
Seeking input on an interagency proposal on private flood insurance.
argue that NCUA’s interpretation of the Federal Credit Union Act in the rule is
well within the agency’s legal authority and defend NCUA’s definition of
MBL noting it has not substantively changed since 2003
and by definition can only include loans made to a member of the lending credit
A decision on this case will determine whether President-elect Trump can remove the Director of the CFPB "at will" or "for cause."
We discuss highlights of Director Cordray's meeting in Alaska.
FinTech companies at the heart of discussion on financial records access.
Details of NCUA's November 2016 Board meeting.
Webinar will be held December 1 at 3pm EST.
The CFPB will convene a public field hearing at 11am MST, November 17.
How the Trump Administration could affect the rule's implementation.
A rundown of what these changes will mean for credit unions.
Enforcement action, payday and small dollar rule also among topics discussed in meeting with CFPB.
Answers to questions regarding the CFPB post election.
CUNA encourages CFPB to impose a moratorium on all pending rulemakings citing consumer concerns.
In an election that has been marked with surprises both during the primary and general elections, the American public chose Donald J. Trump as the 45th President of the United States.
CUNA filed a letter with the CFPB in response to its RFI on Payday Loans, Vehicle Title Loans, Installment Loans, and Open-End Lines of Credit, highlighting consumer friendly CU services that should not be detrimentally impacted by CFPB rulemakings.
Read CUNA President and CEO Jim Nussle's letter to the NCUA concerning their proposed 2017-2018 budget.
CFPB developing and implementing a web-based data submission to process HMDA data.
Constitutional grounds cited as one of many reasons to oppose the proposal.
CUNA Advocacy issues discussed in Park City, UT at Attorney's conference
CUNA raises concern over revisions to existing rule
CUNA will be attending the hearing at DC Court of Appeals as the FCC's TCPA order is challenged.
Consent Order from CFPB raises questions for credit unions regarding what is considered a UDAAP violation.
CFPB approves FHFA as a conservator for the Federal Home Loan Mortgage Corporation and the Federal National Mortgage Association.
A new ruling from the D.C. Court of Appeals allows the President to remove the Director of the CFPB.
After research and roundtables, the SBA filed a comment letter supporting CU exemptions from Payday Rule.
NCUA Exam Flexibility Initiative Report available after CUNA advocacy.
Here's a rundown on CFPB's rule on prepaid accounts
CUNA responds to CFPB's Small Dollar rule with a 61 page detailed letter.
Updates to MLA Interagency Examination Procedures - 2015 Amendments is released today
NACHA and the Federal Reserve require RDFIs be capable of receiving same-day ACH payments.
This will be the third congressional hearing on the FCC's TCPA order this year, and we once again sent a letter in support of the committee's oversight.
CFPB highlighted credit unions' work on financial literacy for youth, and released a report entitled " Teaching Financial Fundamentals."
The proposal focuses on expanding credit access to small businesses, who create a majority of new jobs in the US.
CFPB releases a report on ways to use networks to fight elder financial exploitation and what credit unions can do to join the cause.
The CFPB creates a page to help navigate the changes from the Know Before You Owe initiative.
NCUA's Exam Flexibility Initiative is still taking comments on ways to improve their process.
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.
The Telephone Consumer Protection Act is set for October and CUNA will be challenging this FCC order.
Our regulatory advocacy attorneys will walk through our recent analysis of this massive rule, and help credit unions with their comment letters.
The Ohio League has been working with us to introduce this bill, which will help credit unions expand into underserved areas.
We sent NCUA a letter asking the agency to prioritize assisting credit unions as they seek to comply with this new accounting standard.
Several small business and HR representatives testified that this new, complex rule sets an overly broad standard for the entire country and is difficult to comply with.
This is yet another significant change in NCUA policy under the new leadership of Chairman Rick Metsger.
The Bureau re-affirmed its commitment to publishing proposed fixes to the large and cumbersome TRID rule by late July.
Thanks to CUNA's Advocacy efforts, recent legislative and regulatory developments indicate that an extended exam cycle is well on its way to becoming reality.
The CFPB rule is intended to "coexist" with state laws, but would preempt state law in cases of inconsistency.
We responded to Treasury Secretary Jack Lew's request for new legislation expanding FATCA reporting requirements to non-interest bearing accounts.
Several recent changes clearly demonstrate that the NCUA under Chairman Metsger is serious about improving call report and supervision processes.
We are concerned that this proposal does not take into account the member-centric business model of credit unions, and would remove opportunities for fast, cost-effective dispute resolution.
The latest research report from the Bureau focused on online payday lenders and their relation to the banking system.
The CFPB's Final Rule on Prepaid Cards was expected this month, but now the agency is signaling it will be pushed back until May or June.
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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.
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ADA Compliance Notice & Legal