WASHINGTON—NAFCU’s board and some of its staff met with CFPB Director Rohit Chopra to discuss several credit union related topics and share the industry’s thoughts on several of CFPB’s rulemakings.
New NAFCU Board Chair Gary Grinnell, NAFCU President and CEO Dan Berger, Senior Vice President of Government Affairs Greg Mesack, and Vice President of Regulatory Affairs Ann Petros were in attendance.
According to NAFCU, the trade group south to share its insights on credit union industry trends, and discussed fintech accountability and supervision and the CFPB’s recent announcement that it would begin exercising supervisory authority over nonbank entities, under a largely unused legal provision of the Dodd-Frank Act to examine such nonbank financial entities that pose risks to consumers.
Support for Expansion
NAFCU reported it offered its support for the CFPB’s expanded supervision over fintechs and other nonbank entities, encouraging “all relevant regulators to ensure that when fintechs compete with traditional financial institutions, they do so on a level playing field where smart regulations and consumer protections apply to all actors in the consumer marketplace.”
The association characterized the Bureau’s efforts as “positive first steps,” but emphasized the need for exercising its “larger participant” authority and suggested that it do so over peer-to-peer payment providers and buy-now-pay-later lenders.
Data Collection Discussion
The group also discussed the CFPB’s proposed section 1071 data collection rule.
According to NAFCU, one particular point of discussion was the CFPB’s focus on supervisory efforts on discrimination and "unfair" practices and its revised examination procedure guide for unfair, deceptive, or abusive acts or practices (UDAAP).
In addition, NAFCU said it also shared several thoughts on the CFPB’s request for information on consumer financial products and services, or "junk fees."
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