ARLINGTON, Va.–The trade groups continue to watch the stimulus and relief legislation being championed by the Biden Administration as well as the direction of the CFPB as both are coming more clearly into focus.
NAFCU EVP/General Counsel Carrie Hunt said the association has already made clear to Congress and the administration the “key initiatives” it would like to see in any new package and that NAFCU always favors any additional relief for credit unions, including an extension of numerous CARES Act provisions.
The overarching goal, said Hunt, is to allow credit unions to “continue to do what they do best,” which is to help members.
Other priorities, such as an increase in the member business loan (MBL) cap and other flexibility around adding underserved areas, remain on the “wish list,” said Hunt, who readily acknowledged neither issue is currently being discussed.
Hunt stated again that as interested as NAFCU is in what’s in the package it is just as wary in keeping certain language out, such as any new rules around overdrafts, interchange or permanent forbearances.
“We support pandemic relief that is targeted to help, not that that just looks good on paper,” she said.
The CFPB
Meanwhile, as CUToday.info has reported, the CFPB’s new acting director has announced an end to the “pause” that had been in place in its oversight over a number of areas, including data collection, qualified mortgage, HMDA and mortgage servicing, in addition to other areas.
All are being monitored, said Hunt, but NAFCU has a particular focus on the QM rules. She noted the trade group did not “necessarily agree” with the direction the Bureau took on QM under its previous director, Kathleen Kraninger.
“But irrespective of policy, we would not be supportive of credit unions having to comply with one set of rules and then suddenly having to change direction,” said Hunt. “Credit unions need time to comply; we can’t have this back and forth. It’s why we support a commission” to lead the agency.
States & Privacy Legislation
In speaking with CUToday.info, Hunt touched on one other issue, the recent passage by the Virginia legislature of legislation to establish a consumer data protection law in the state.
But unlike similar legislation passed earlier in California that creates a state-level CFPB, the Virginia bill includes language to exclude entities covered by the federal Gramm-Leach-Bliley Act (GLBA), including credit unions.
Hunt, who praised the carve-out for CUs, said she expects more states will take the lead on privacy legislation ahead of the federal government.
Webinar Offered
Separately, ahead of its Virtual Regulatory Compliance School, NAFCU is offering a complimentary webinar to break down the NAFCU Certified Compliance Officer (NCCO) exams.
“For those already registered for Virtual Regulatory Compliance School or who are considering attending, the webinar will serve as a starting point to learn best practices for tackling the exams and the best ways to utilize the material provided during Virtual Regulatory Compliance School,” NAFCU explained.
The webinar is slated to begin at 2 p.m. ET Thursday. While registration is complimentary, it is required to attend and also gives access to the on-demand recording for one year. Register now.
Virtual Regulatory Compliance School will take place March 16-18 and March 23-26.