WASHINGTON—NAFCU said it worked to elevate several credit union priorities – including payday alternative loans, data collection related to the Home Mortgage
Disclosure Act (HMDA) and small business lending, and remittances – to CFPB Director Kathy Kraninger during a recent financial services industry roundtable.
NAFCU noted it has shared credit unions' concerns and priorities with Kraninger since she was confirmed as director in December.
NAFCU President and CEO Dan Berger and Executive Vice President of Government Affairs and General Counsel Carrie Hunt attended the meeting.
Following Kraninger's confirmation, NAFCU delivered a letter with Bureau-specific priorities, including the need for:
- The Bureau to use its exemption authority to excuse credit unions from certain rulemakings
- "Clear, transparent guidance" from the Bureau on its expectations for credit unions under the unfair, deceptive, or abusive acts and practices (UDAAP) law
- Congress and regulators to address "supervisory gaps that may result in poor oversight of non-bank financial companies," such as fintech companies
- An exemption from the Bureau's payday lending rule for new iterations of the NCUA's payday alternative lending (PAL) program
- A shift at the Bureau from a single director to a bipartisan commission, as well as making the Bureau subject to the congressional appropriations process
- An exemption for all credit unions, regardless of asset size, from the Bureau's supervisory and enforcement authority
- Reforms to the Bureau's consumer complaint database and a ceasing of publication of unverifiable consumer complaint data
CUNA was also in attendance at the meeting, as CUToday.info reported here.