Democrats on both sides of Capitol Hill are urging the CFPB to adopt strong rules restricting mandatory arbitration agreements in financial services and other contracts.
NAFCU’s speaker lineup for the September event also includes CFPB Director Richard Cordray.
A report says the bureau successfully takes rules’ impact on small businesses into account as per Dodd-Frank.
CUNA expresses dismay in a letter when the bureau reaffirms its position after meeting with credit union leaders.
More than 30 Democratic senators urge the bureau to restrict mandatory arbitration agreements in financial services.
NAFCU says the revised guidelines will only exacerbate regulatory burdens credit unions face.
An increased regulatory burden has not dissuaded credit unions from originating and servicing mortgages at least as much as they have in the past.
Official comments on the CFPB proposed mortgage disclosure rules are dues Oct. 18. CU trade associations' initial response is mixed.
The bureau will soon discuss separate rules that address first-party debt collectors such as credit unions.
Clinton VP pick, Sen. Tim Kaine (D-Va.), is credit union friendly.