Want Less Compliance Burden? Do Some Regulatory Advocacy


What is a Consumer Protection Regulation?
The Consumer Financial Protection Bureau (CFPB) will take responsibility for finance industry consumer protection regulations including lending, savings, and consumer privacy on July 21. The agency is seeking public comment ahead of that deadline.

In the Federal Register, the agency listed 47 rules that will become its responsibility in late July. These include the Equal Credit Opportunity Act and the Fair Credit Reporting Act, as well as regulations addressing electronic fund transfers, mortgage originator registration, and mortgage assistance relief services.

However, the CFPB is still accepting comments, either adding or deleting rules, to its list.

The CFPB is taking over authority of these and other rules from the National Credit Union Administration, the Federal Reserve, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the Office of Thrift Supervision, the Federal Trade Commission, and the U.S. Department of Housing and Urban Development.

The list was developed after conversations with these regulators, according to the CFPB.

Comments will be accepted until June 30. According to the CFPB, a final list will be published before July 21. 

ACH Risk Management Proposal
The National Automated Clearing House Association (NACHA) has issued a proposal intended to improve risk management in the ACH Network. The proposal includes defining the scope of the excused delay provision, the prohibition of sharing of certain customer information, suppression of Social Security numbers, and reductions in the threshold for the rate of returns for unauthorized ACH debit entries. Comments are due to NACHA by June 24. A CUNA Comment Call will be posted shortly.


Questions? Contact Director of Regulatory Advocacy Jaycee Winn: 503.350.2209, jwinn@nwcua.org.

Posted in Advocacy News, Compliance News, Federal.