WASHINGTON—CUNA is a asking the CFPB to streamline its Regulatory Flexibility Act (RFA) review process to reduce regulatory burden on credit unions, and is encouraging the Federal Reserve to expand the ACH processing window.
In a letter to the CFPB, CUNA advocates for the agency to conduct regular, robust reviews of its regulations with an eye toward reducing burden.
“We believe it’s important that the RFA review process concentrate on streamlining requirements, disposing outdated requirements and giving community-based institutions like credit unions and CUSOs exemptions when appropriate,” CUNA Senior Director Senior Director of Advocacy and Counsel Alexander Monterrubio. “Credit unions have always encouraged the Bureau to conduct regular, comprehensive reviews of the regulations. We appreciate the opportunity to provide feedback in the review process.”
An RFA Review focuses on the rule’s economic impact on small entities and is intended to provide a mechanism to eliminate redundancies and avoid duplication or outdated rules, CUNA said.
Go to CUToday.info's The Gov for the full letter.
Payments System Improvements
“Changes to the current framework of the NSS (National Settlement Service) system are needed to make sure the efficiency and speed of the payment system is not compromised. Expanding the ACH processing window would provide full-day benefits to western institutions and, in turn, give eastern institutions the opportunity to offer expanded same-day benefits to their customers,” said CUNA Senior Director Advocacy for Payments and Cybersecurity Lance Noggle. “We believe the proposed timing strikes a healthy balance between these interests.”
Read the full letter to the CFPB here.