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NAFCU is closely monitoring the potential impact of CFPB's coming rulemakings on payday, auto title and similar loan products for their potential impact on credit unions' ability to make loans under NCUA's small-amount, short-term lending rule.

CFPB released its fall rulemaking agenda on Friday, noting that a proposed rule on payday lending is expected in the first quarter of 2016. NAFCU Regulatory Affairs Counsel Alexander Monterrubio raised concerns about potential unintended consequences resulting from a future CFPB rulemaking on payday lending in a letter to the bureau earlier this month.

"NAFCU and our member credit unions believe that a blanket rule regulating all parties indiscriminately – good actors and bad actors alike – is likely to hinder the ability of credit unions to serve their members' financial needs," Monterrubio wrote. "We strongly urge the CFPB to carefully craft any future rulemaking to ensure credit unions are not forced to withdraw from providing a viable alternative to predatory payday lenders."

As reported Monday, CFPB's rulemaking agenda also addresses prepaid products, mortgage servicing rules, arbitration, overdraft and debt collection. Here's a brief look at when and how the bureau expects to address each:

Prepaid accounts: CFPB's plan shows a final rule coming in spring 2016. NAFCU has raised concerns with CFPB about the prepaid product proposal's changes to the definition of a "finance charge," as well as its potential to limit consumer access to credit and stifle innovation in terms of products and services.

Mortgage servicing: CFPB says it plans to finalize amendments to its 2013 mortgage servicing rules by mid-2016. In a March letter to the bureau, NAFCU Director of Regulatory Affairs Alicia Nealon asked CFPB to reconsider its proposed amendments because they would "disproportionately impact small financial institutions."

Arbitration: CFPB released an outline of proposals on arbitration clauses in October. Nealon said NAFCU strongly supports fair dispute resolution but wants to ensure against unintended consequences for credit unions.

Overdraft programs: CFPB has sought permission to conduct a national survey on consumers' use and understanding of overdraft protection services; NAFCU expressed concerns about the lack of detail in the request and wants CFPB to publish its consumer survey for public comment before starting data collection.

Debt collection: Building on last year's advance notice of proposed rulemaking, CFPB is analyzing results of a nationwide survey on consumers' experience with debt collection. NAFCU has lodged concerns that CFPB issued the same ANPR for credit unions collecting on their own debt obligations and third-party debt collectors.

NAFCU is remaining in close contact with CFPB officials and staff as the agency reviews new rulemaking proposals and finalizes new rules.