WASHINGTON–Two representatives from CUNA met here yesterday with Kathy Kraninger, director of the Consumer Financial Protection Bureau. The meeting was part of a financial services industry roundtable discussion.
Meeting with Kraninger were CUNA Chief Advocacy Officer Ryan Donovan and Deputy Chief Advocacy Officer Elizabeth Eurgubian.
“CUNA raised a number of credit union priorities, especially ways the Bureau can use its exemption authority and tailor regulations to provide regulatory relief for credit unions that will ultimately benefit 115 million credit union members,” CUNA quoted Donovan as saying. “We appreciate Director Kraninger’s willingness to host a discussion, and we look forward to meeting with her in the future to more directly discuss how the Bureau and credit unions can work together to better serve consumers.”
The roundtable followed by one week a separate meeting with Kraninger by representatives of the California and Nevada Credit Union Leagues.
According to CUNA, it has told Kraninger and the CFPB that its key priorities with the Bureau include:
- Ensuring any future rule on debt collections focus on predatory practices of third-party debt collectors
- Revising the CFPB’s short-term, small-dollar rule to ensure credit union participation in the market and to focus on predatory lenders
- Substantially amending the CFPB’s remittances rule to make it more tailored to allow consumer access to desired products and services
- Consideration of additional amendments to Home Mortgage Disclosure Act reporting requirements to provide meaningful exemptions to credit unions
- A rulemaking that would clarify the CFPB’s Unfair, Deceptive or Abusive Acts or Practices approach, which CUNA said it believes is currently overly subjective
- Consideration of potential revisions to the Ability-to-Repay/Qualified Mortgage rule, which would include a “meaningful and prolonged feedback process”
- Exempting credit unions from any potential rulemaking to require financial institutions to compile, maintain and submit certain data on small business credit applications