Newsroom

CFPB's Jennifer Stockett gave NAFCU members a preview of the bureau's fall rulemaking agenda, including rules in the pre-rulemaking stage and a review of currently proposed rules, during the association's member-only call-in Wednesday.

Stockett is deputy assistant director of CFPB's Office of Financial Institutions and Business Liaison. She also took questions from credit union listeners during yesterday's call-in.

Stockett talked to NAFCU's members about a range of issues, among them, payday lending, mortgage servicing requirements, debt collection and more.

Observers of the process expect as many as 1 million comments will be filed on the payday lending proposal. Comments are due Oct. 7, and NAFCU is encouraging members to get their input in and to provide specifics on how the proposed rule would affect credit unions' ability to provide service to members.

NAFCU President and CEO Dan Berger opened Wednesday's call, noting that the Wells Fargo scandal continues to draw heavy attention on Capitol Hill and in the news. He encouraged credit unions to remain positive in light of the situation. "Talk about your own culture and what you're doing for members," he said, reiterating that Wells Fargo's actions were not a "minor compliance oversight" but "a systemic problem."

NAFCU Executive Vice President of Government Affairs and General Counsel Carrie Hunt briefly mentioned two litigation items: NCUA's recent recovery from the Royal Bank of Scotland and the lawsuit against NCUA's member business lending rule by the Independent Community Bankers of America.

Also during Wednesday's call:

• NAFCU Vice President of Legislative Affairs Brad Thaler told credit union listeners that Congress was finalizing a deal on the government spending bill that will last until Dec. 9. He also discussed pending legislation that could be addressed during the lame-duck session, including the "Financial CHOICE Act," a bill delaying the Labor Department's overtime rule and other regulatory relief items.
• Director of Regulatory Affairs Alexander Monterrubio focused on actions pending at NCUA, including its field-of-membership rule, the exam flexibility initiative and the agency's upcoming budget briefing. He added that NCUA's interest-rate-risk supervisory exam tool is expected to be released in the coming days.
• Director of Regulatory Compliance Brandy Bruyere discussed compliance concerns related to the revised Military Lending Act rule, which for most products is effective Monday. She said NAFCU is still pressing the Department of Defense to clarify ambiguities in the rule. Bruyere also discussed the Home Mortgage Disclosure Act and the mortgage servicing rules and NAFCU resources available to help credit unions them comply.
• Director of Political Affairs Dan O'Brien gave an update on NAFCU's PAC and the upcoming elections on Nov. 8. He also noted the success of NAFCU's recent Congressional Caucus and thanked credit unions for their involvement in the lobbying process.
• Chief Economist and Director of Research Curt Long discussed the Federal Open Market Committee's decision to not raise rates after its meeting last week. He said the committee will meet again in November and December, with a rate rise likely in December. Long also mentioned the status of the National Credit Union Share Insurance Fund.