From Regulation B to Regulation Z and beyond, the Consumer Financial Protection Bureau inherited a number of regs from seven different agencies. In doing so, the CFPB has made it a priority to streamline regulations by updating, modifying and even eliminating some provisions.
CUNA attorney says if recess appointment overturned, opponents would challenge previous actions, but notes that far from clear appointment will be thrown out in court.
CUNA seeks more time for overdraft comments.
The Consumer Financial Protection Bureau’s proposed remittance regulations could force credit unions to stop providing the service, said CUNA and NAFCU in letters submitted to CFPB Executive Secretary Monica Jackson.
Trades say proposed CFPB remittance regulations would create too many barriers for credit unions to offer the service.
Faced with uncertainty over whether H.R. 3461 will pass and positive signs from the NCUA that it will consider improving exam procedures and streamline regulations, CUNA has asked the regulator to implement some provisions of the Financial Institutions Examination Fairness and Reform Act now.
"Because I told you so," CUNA says one credit union was told after asking examiner why a specific solution was required.
Trade group asks agency to implement changes before proposed law is passed.
WASHINGTON—No issue at this year’s GAC was more polarizing than the new Consumer Financial Protection Bureau. Speakers, particularly politicians, were either completely against it or completely for it, depending upon which party they represented.
In what CUNA Deputy General Counsel Mary Dunn acknowledged has become a somewhat rare occurrence, CUNA has commented in a largely approving manner on the NCUA's most recent proposal for how CUs should track troubled debt restructured loans.