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The NAFCU Board today will meet with CFPB Director Richard Cordray to discuss various regulatory issues affecting the credit union industry, including overdraft, lending compliance and unfair, deceptive, or abusive acts or practices.

Regarding lending compliance issues, the board is expected to discuss the Home Mortgage Disclosure Act, the Truth in Lending Act/Real Estate Settlement Procedures Act integrated mortgage disclosures rule and the Military Lending Act.

Last week, the CFPB released its fall rulemaking agenda, which noted its final rule on the TRID "fix" could be issued in early 2017.

However, CFPB's rulemaking agenda is subject to change as President-elect Donald Trump and congressional Republicans are discussing changes to the Dodd-Frank Act and the CFPB. Last month, the U.S. Court of Appeals for the D.C. Circuit said that CFPB's structure is unconstitutional because it is headed by a single director that can only be removed for cause. NAFCU asked for an immediate moratorium at the bureau on any rulemakings not already implemented.

The NAFCU Board today will again strongly urge the bureau to avoid promulgating any rule that would put any credit union offerings in jeopardy or that would curtail service to their nearly 105 million members. The board may also discuss with Cordray the bureau's payday lending, debt collection and arbitration rulemakings, and recent student loan actions.

Tomorrow, the NAFCU Board will meet with Federal Reserve Board Gov. Lael Brainard to present findings in the 2016 NAFCU Report on Credit Unions. This will be the board's 24th consecutive meeting at the Fed. Meeting participants will discuss legislative and regulatory issues, economic trends and credit unions' use of the Fed's priced services.

Findings in the 2016 NAFCU Report on Credit Unions will be available tomorrow.