CFPB Director Richard Cordray delivered a report to Congress on March 16, 2016, on the “state of the CFPB,” and some tough questions were raised and answered. Since the bureau's inception, NAFCU has worked tirelessly at every stage of the regulatory process to ensure credit union interests are represented in everything that it does.

For instance, NAFCU worked diligently to have the bureau issue small-creditor definition amendments that offer more flexibility for small entities to take advantage of benefits written into the ability-to-repay/qualified mortgage rule and others.

We also mobilized our efforts to have the bureau delay the effective date of the TILA-RESPA integrated mortgage disclosure rule implementation, granting credit unions some valuable time to incorporate the rule changes.