WASHINGTON—As federal agencies release their latest Unified Rulemaking Agenda, CUNA is saying there are several rules that has it concerned.
CUNA noted the Consumer Financial Protection Bureau lists an overdraft “pre-rule” and Section 1071, Small Business Lending Data Collection final rule on its agenda.
NCUA lists a “climate-related financial risk” pre-rule on its agenda. Specifically, the pre-rule item will seek input on current and prospective climate-related financial risks to credit unions, related entities, and the Share Insurance Fund.
“We’re disappointed to see several items on this agenda that would negatively impact not only credit unions, but our members as well,” said CUNA Chief Advocacy Officer Robert Lewis. “Credit unions have long fought against these policies, and we will continue to engage regulators and others throughout this rulemaking process.”
Concerns Over ‘Complexity’
Section 1071 of the Dodd-Frank Act would require financial institutions collect and report certain data regarding applications for credit. CUNA said supports the goals of the section, but has major concerns with the “complexity” of the CFPB’s proposed rule.
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