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America’s Credit Unions wrote Senate Banking Committee Ranking Member Tim Scott, R-S.C., and Sen. Joe Manchin, D-W.Va., along with Rep. Bryan Steil, R-Wis., to offer support for their bipartisan Business of Insurance Regulatory Reform Act, which would help to ensure that the CFPB does not expand its authority under the Consumer Financial Protection Act. The …

Senate, House bills would clarify CFPB supervision of insurance Read More »

A Small Business Regulatory Enforcement Act (SBREFA) panel convened by the CFPB shared several recommendations made by America’s Credit Unions regarding the bureau’s Fair Credit Reporting Act (FCRA) proposal. The CFPB published its report from the panel Wednesday. This follows a CFPB outline of FCRA proposals under consideration published in September, which America’s Credit Unions …

Panel echoes credit union recommendations on FCRA proposal Read More »

The Senate Wednesday failed to garner the two-thirds majority needed to overturn President Joe Biden’s veto of the CFPB’s section 1071 rule. Biden vetoed the congressional resolution of disapproval in December, following successful credit union advocacy to get it through both chambers. The section 1071 rule, which would require credit unions and banks to collect …

Senate fails to overturn veto of section 1071 rule Read More »

America’s Credit Unions’ Andrew Morris wrote to the CFPB in response to its proposed rule designating certain nonbanks offering “general-use digital consumer payment applications” as larger participants subject to the bureau’s supervisory jurisdiction. Morris offered the association’s general support for the rule, in addition to outlining several recommendations.   “Consumers benefit from innovation that offers …

CFPB oversight should hold nonbanks to same standards as credit unions Read More »

The CFPB Thursday announced that the filing period for Home Mortgage Disclosure Act (HMDA) data collected in 2023 is open. The bureau noted that “[s]ubmissions will be considered timely if received on or before Friday, March 1, 2024.”  Credit unions can access the HMDA platform to file their data. Credit unions can test their submissions …

CFPB opens 2023 HMDA filing period  Read More »

The CFPB issued a report Friday identifying challenges faced by borrowers with federal student loan payments resuming after a three-year pause due to the COVID-19 pandemic. The issue spotlight highlights: NCUA issued a letter to credit unions (23-CU-08) in October encouraging credit unions to work “constructively with impacted borrowers,” and noting NCUA “will not criticize …

CFPB spotlight examines student loan payment resumption challenges Read More »

The CFPB must initiate a Small Business Regulatory Enforcement Fairness Act (SBREFA) review of any potential overdraft and non-sufficient funds (NSF) proposed rules, America’s Credit Unions and other financial services trades wrote to CFPB Director Rohit Chopra Wednesday. The CFPB’s most recent rulemaking agenda indicates it expects to issue proposals to regulate NSF fees under …

CFPB must initiate SBREFA review before overdraft, NSF proposals Read More »