Credit unions are subject to strict field of membership and capital restrictions, as well as numerous consumer protection provisions in the Federal Credit Union Act, such asa usury ceiling, a prohibition on prepayment penalties, and a member business lending cap. The Consumer Financial Protection (CFPB) must be cognizant of the unique characteristics of the credit union industry and the benefits they provide to consumers.
The CFPB’s regulations have significant impacts on the credit union industry and many are ripe for reform. The following is a summary of the most important CFPB-related issues affecting credit unions right now and NAFCU’s suggested approaches to reform.
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