Newsroom
March 26, 2015
NAFCU in dialogue with CFPB on payday issues
NAFCU is attending a CFPB field hearing in Richmond, Va., underway now on payday lending – specifically addressing CFPB's plan to gather input on a future proposed rule on payday lending – and keeping its members' concerns out front.
Questions and concerns about the impact of the potential rulemaking on credit unions are being pressed at the hearing by NAFCU Regulatory Affairs Counsel Alexander Monterrubio. Those concerns include how CFPB rulemaking could affect credit unions' ability to make loans under NCUA's small-amount, short-term rule, or its "payday alternative loan" rule.
CFPB Director Richard Cordray, in advance of today's hearing, announced the bureau is considering issuing proposed rules. The bureau also released an outline of the potential proposals along with a fact sheet.
A Small Business Review Panel, the bureau says, will gather feedback from smaller lenders on the outline; CFPB will also reach out to a "wide range" of stakeholders before moving forward.
The proposed-rule outline released today covers both short- and long-term credit products. Short-term loan products, including payday loans, deposit advance products and some vehicle title loans, require consumers to repay in full within 45 days; long-term products would include certain loans with an "all-in" annual percentage rate exceeding 36 percent.
NAFCU Director of Regulatory Affairs Alicia Nealon said NAFCU is closely reviewing CFPB's proposed rule outline. "NAFCU appreciates and supports CFPB taking action to help protect consumers against unscrupulous actors, but we want to make sure that any future, proposed rule does not inadvertently block credit unions from meeting their members' needs as best they can," said Nealon.
Questions and concerns about the impact of the potential rulemaking on credit unions are being pressed at the hearing by NAFCU Regulatory Affairs Counsel Alexander Monterrubio. Those concerns include how CFPB rulemaking could affect credit unions' ability to make loans under NCUA's small-amount, short-term rule, or its "payday alternative loan" rule.
CFPB Director Richard Cordray, in advance of today's hearing, announced the bureau is considering issuing proposed rules. The bureau also released an outline of the potential proposals along with a fact sheet.
A Small Business Review Panel, the bureau says, will gather feedback from smaller lenders on the outline; CFPB will also reach out to a "wide range" of stakeholders before moving forward.
The proposed-rule outline released today covers both short- and long-term credit products. Short-term loan products, including payday loans, deposit advance products and some vehicle title loans, require consumers to repay in full within 45 days; long-term products would include certain loans with an "all-in" annual percentage rate exceeding 36 percent.
NAFCU Director of Regulatory Affairs Alicia Nealon said NAFCU is closely reviewing CFPB's proposed rule outline. "NAFCU appreciates and supports CFPB taking action to help protect consumers against unscrupulous actors, but we want to make sure that any future, proposed rule does not inadvertently block credit unions from meeting their members' needs as best they can," said Nealon.
Share This
Related Resources
Add to Calendar 2024-05-03 14:00:00 2024-05-03 14:00:00 Plan Sponsor Attitudes Toward Retirement Plan Management and Fiduciary Outsourcing About the Webinar In January 2024, Pentegra conducted a survey of retirement plan sponsors and their perspectives on retirement plan management and fiduciary outsourcing. The survey measured how sponsors are using fiduciary outsourcing to help better manage their retirement plans. It also captured their perspectives on what outsourcing does to help them better position their plans and drive improved retirement plan outcomes. Key Takeaways: What is the full scope of your responsibilities as a plan sponsor? What is fiduciary outsourcing and how does it work? How does fiduciary outsourcing help reduce workloads and minimize risk? How can a credit union best position its plan to drive improved outcomes? Register Here Web NAFCU digital@nafcu.org America/New_York public
Plan Sponsor Attitudes Toward Retirement Plan Management and Fiduciary Outsourcing
preferred partner
Pentegra
Webinar
Turning Lemons into Lemonade: Capitalizing in a Post-Banking Crisis Era
Strategy
preferred partner
Allied Solutions
Blog Post
Ensuring Safety and Soundness with AI
Management, Consumer Lending, FinTech
preferred partner
Upstart
Blog Post
Add to Calendar 2024-05-02 14:00:00 2024-05-02 14:00:00 Mastering Resilience in Incident Response Plans About the Webinar An Incident Response (IR) plan is crucial for guiding credit unions through major incidents efficiently and effectively. However, many IR plans lack resilience, making them less adaptable to the evolving threat landscape. Join us for our webinar Mastering Resilience in Incident Response Plans where DefenseStorm cyber experts Elizabeth Houser and James Bruhl will delve into the importance of resiliency within cybersecurity IR plans. Don’t miss out on the opportunity to learn how to: Ensure IR plan accessibility so that all team members with assigned roles are prepared for effective incident response. Conduct efficient and regular reviews to ensure roles and responsibilities are current, tools are relevant, and compliance requirements are met. Implement and utilize tabletops to regularly test the effectiveness of your IR plan. Enhance preparedness, efficiency, and confidence among responders. View On-Demand Web NAFCU digital@nafcu.org America/New_York public
Mastering Resilience in Incident Response Plans
preferred partner
DefenseStorm
Webinar
Get daily updates.
Subscribe to NAFCU today.