CUNA Advocacy Update – Week of August 28, 2017
August 29, 2017
CUNA Seeks Credit Unions to Participate in SBA Roundtable Event on September 25
CUNA is seeking four credit unions to participate in a discussion with the Small Business Administration (SBA) Office of Advocacy about the CFPB’s RFI concerning small business lending. Section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) amends the Equal Credit Opportunity Act (ECOA) to require financial institutions to compile, maintain, and report information concerning credit applications made by women-owned, minority-owned, and small businesses. On May 15, 2017, the CFPB published a request for information about the small business lending market. [Read more here]
Nussle: Arbitration Rule is Latest Example that CFPB Doesn’t get the CU Difference
CUNA President/CEO Jim Nussle responded to a recent op-ed from Consumer Financial Protection Bureau (CFPB) Director Richard Cordray in a LinkedIn post Friday. Cordray wrote in the New York Times defending the CFPB’s arbitration rule, leading Nussle to respond that the Bureau’s failure to exempt credit unions from the rule shows a fundamental misunderstanding of the nature of credit unions. [Read more here]
CUAC Meeting Set for September 7 in Washington, DC
The Consumer Financial Protection Bureau recently announced that the Credit Union Advisory Council (CUAC) will be holding a public meeting on September 7 at 3:30 PM at CFPB Headquarters in Washington, D.C. [Read more here]
CFPB Temporarily Increases HMDA HELOC Reporting Threshold
The CFPB issued a final rule that temporarily increases the threshold for collecting and reporting HELOC data under HMDA. Under the Regulation C rules that are scheduled to take effect in January 2018, credit unions and other financial institutions would have been required to report HELOCs if they made 100 such loans in each of the last two years. The final rule increases that threshold to 500 loans through 2018 and 2019. Over the next two years, the Bureau will reconsider whether to adjust the threshold amount and/or duration of the temporary increase. [Read more here]
FFIEC Issues New HMDA Resubmission Guidelines
The FFIEC, comprised of the NCUA and fellow federal financial regulators, issued new HMDA resubmission guidelines, FFIEC HMDA Examiner Transaction Testing Guidelines. As described in a CFPB blog post, this was issued in light of the new data fields that will be required beginning in 2018. [Read more here]
Pending Regulatory Comments Calls
CUNA plans to comment on the following pending regulatory proposals. For our comment letters to have the greatest impact, we need to hear from you. Please consider whether and how these proposals would affect your credit union, and contact the CUNA staff listed for each proposal with your feedback.
For more information regarding these proposals, please follow the links below:
Posted in CUNA.