WASHINGTON–Credit unions and the financial community in general are starting to get a better idea of where the CFPB’s future focus will lie, including the potential for increased regulatory burden.
The CFPB’s new director, Rohit Chopra, has recently offered additional clarity around the direction in which he plans to lead the agency, including a recent meeting with the California and Nevada leagues (see related story).
For credit unions, the biggest concern, of course, Is how much heavier is the regulatory burden going to become.
Brad Thaler, NAFCU’s VP of legislative affairs, said the feedback the association receives most centers on the CFPB’s plans for scrutinizing fees, especially overdraft programs. The House also has a hearing scheduled for Thursday on the issue.
‘A Big Impact’
Thaler said NAFCU is attempting to determine exactly what the CFPB has in its sights.
“Is it new rulemakings? New guidance?” he asked. “The feeling out there is there is going to be some movement somewhere. What direction it will be is still being worked out.
“Overregulating on fees could have a big impact on credit unions,” Thaler continued. “There is a lot of concern on that. Increasingly regulatory burden is always a concern. If it impacts the bottom line, then it is always a concern.”
Don’t Forget to Check the Spam Folder!
Don’t forget to check your Spam/Junk email folder if you didn’t receive your free, popular and daily CUToday.info news headlines on Monday.
And if you haven’t yet signed up for the new email solution on which CUToday.info has partnered with ResponseGenius, you can do so here. Signing up requires less than one minute of your time.
CUToday.info has received very positive response from readers following the move to an improved provider of the daily headlines, but many also noted they did need to go to their Spam/Junk folder and mark it as safe.
The new email solution has not only improved every reader’s delivery experience, but it also features a fresh, new format that is easy to read, especially on mobile devices.
Please note and/or make your IT department or email administrator aware the emails will be coming from the domains CUTodayinfo.com and CUTodayinfoReply.com.