CFPB updates regulatory agenda

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Dec. 5, 2013 – Prepaid cards, an extension of a temporary exception from the international remittances rule and more will soon be addressed in proposed rulemakings from CFPB, according to the bureau’s updated regulatory agenda.

NAFCU will closely review the above-noted proposals for their impact on credit unions.

The current exception in the remittance rule is from the requirement to provide specific details of the exchange rate, all fees and taxes and total funds received in international remittance transactions; it applies in several different countries, which are listed on the CFPB’s website.

The agenda shows amendments to the 2013 mortgage rules in “final rule” stage. NAFCU weighed in on these amendments this summer. While a final rule has since been issued, CFPB also notes additional proposed amendments are being drafted.

The CFPB is getting ready to issue a final rule on funds availability under the Expedited Funds Availability Act, implemented under Regulation CC; and it just issued a final rule on CFPB oversight of the largest nonbank student loan servicers.

NAFCU weighed in on the Reg CC proposals in July, but it is seeking more flexibility for credit unions. The association this May also argued against including credit unions in any one-size-fits-all rule on student loan servicing.

Today, CFPB Director Richard Cordray and NAFCU's board will meet to discuss the bureau's rulemaking activity.

Related Links:
CFPB regulatory agenda, updated