WASHINGTON—The CFPB's Credit Union Advisory Council (CUAC) will begin its two-day meeting on Wednesday to discuss issues that include an overview of the CFPB's regulatory agenda, implementation and guidance concerns, and the Home Mortgage Disclosure Act (HMDA).
As CUToday.info reported here, the Bureau recently announced the newest members of the CU Advisory Council.
On Oct. 24, CUAC will join the other CFPB advisory councils for a joint meeting. The joint meeting will include discussions on an initiative to help consumers save, innovation policies – which were issued last month – and the consumer complaint database. Despite concerns about publishing unverified narratives, the Bureau recently announced that it will continue to publish the database, but with some enhancements, NAFCU noted.
HMDA is among credit unions' top compliance issues. The CFPB is currently considering two proposals related to HMDA: one to address data collection and reporting requirements, and another to raise its transactional and institutional reporting thresholds, NAFCU noted.
NAFCU said it plans to submit comments on the data collection proposal ahead of the Oct. 15 deadline—the association previously offered support for increasing the HMDA reporting thresholds.