WASHINGTON–NAFCU’s board will meet today with Federal Reserve Board Gov. Lael Brainard to present findings in the 2016 NAFCU Report on Credit Unions.
This will be the board’s 24th consecutive meeting at the Fed, NAFCU said. Meeting participants will discuss legislative and regulatory issues, economic trends and credit unions’ use of the Fed’s priced services.
Separately, NAFCU’s board met with CFPB Director Richard Cordray yesterday to discuss various regulatory issues affecting the credit union industry, including overdraft, lending compliance and unfair, deceptive, or abusive acts or practices.
Regarding lending compliance issues, NAFCU said its board addressed the Home Mortgage Disclosure Act, the Truth in Lending Act/Real Estate Settlement Procedures Act integrated mortgage disclosures rule and the Military Lending Act.
Last week, the CFPB released its fall rulemaking agenda, which noted its final rule on the TRID “fix” could be issued in early 2017.
The fate of Cordray and the CFPB will be affected by calls by President-elect Donald Trump and congressional Republicans to either eliminate it or scale back its powers, and as a result NAFCU said its board strongly urged the CFPB to avoid promulgating any rule that would put any credit union offerings in jeopardy or that would curtail service.