WASHINGTON—Congress may be headed into recess for two weeks, but credit unions remain focused on the CFPB, which has finalized a rule over collecting data around small business that both CU trade groups see as arduous
“We’re going into a two-week window we're getting chance to catch our breath,” said NAFCU Senior Vice President of Government Affairs Greg Mescal, who added that NAFCU will be following developments on next steps Congress related to the recent failures of three banks.
While menmbers of Congress are in their home districts and states, NAFCU said it will continue to engage with the Bureau on its credit card late fees proposal in addition to its newly finalized Section 1071 rule related to small business lending data collection, according to Vice President of Regulatory Affairs Ann Petros.
Petros said the association is flagging the regulations as hurtful to credit unions and their members by making access to credit more expensive and harder to come by for consumers, and by adding significant compliance costs and burdens on institutions.
“We have to dig into the details here, but we will be paying close attention to this over the next few weeks,” said Petros. “I think we will see much more oversight now that the CFPB is starting to put out rules like 1071. And you have the credit card late fee rule which is now published in the Federal Register.”