CFPB's Cordray Talks Reg Reform with NAFCU Board

FOR IMMEDIATE RELEASE

Washington (November 7, 2017) - Consumer Financial Protection Bureau (CFPB) Director Richard Cordray will be at National Association of Federally-Insured Credit Unions (NAFCU) headquarters today for a meeting with the association's board of directors to discuss various regulatory issues affecting the credit union industry, including the Home Mortgage Disclosure Act (HMDA), overdraft, and unfair, deceptive, or abusive acts or practices (UDAAP).

The board today will also discuss industry highlights from the 2017 NAFCU Report on Credit Unions.

"NAFCU and its board thank Director Cordray for his willingness to listen to our concerns and the regulatory issues impacting credit unions," said NAFCU President and CEO Dan Berger. "Despite the industry showing signs of growth in the past year, heavy regulation continues to take its toll. NAFCU will remain in close contact with the bureau, encouraging use of its existing exemption authority so credit unions can continue to deliver exceptional service to their 110 million members."

The NAFCU Board today will 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 110 million members.

NAFCU will also discuss the regulatory burden for credit unions related to HMDA. This year, the CFPB increased the threshold at which credit unions will be required to report home equity lines of credit (HELOCs), raising it from 100 loans to 500 loans through calendar years 2018 and 2019. NAFCU has asked the bureau for an exemption from HMDA reporting for all HELOCs or, in the alternative, that it make the 500-loan threshold permanent.

The NAFCU Board members will also share with Cordray their thoughts on overdraft and other possible topics of future rulemakings.

Since the bureau's inception in 2011, NAFCU has met with the CFPB annually to discuss critical issues affecting the credit union industry. 

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The National Association of Federally-Insured Credit Unions is the only national trade association focusing exclusively on federal issues affecting the nation’s federally-insured credit unions. NAFCU membership is direct and provides credit unions with the best in federal advocacy, education and compliance assistance. For more information on NAFCU, go to www.nafcu.org or @NAFCU on Twitter.

Jacqueline Ramsay
jramsay@nafcu.org