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The CFPB's Credit Union Advisory Council (CUAC) meets today to tackle issues currently facing the industry, including the Home Mortgage Disclosure Act (HMDA), the bureau's regulatory agenda, and implementation and guidance concerns. Three representatives from NAFCU-member credit unions serve on the council.

HMDA is among credit unions' top compliance priorities and the CFPB is currently considering two proposals related to the act: one to address data collection and reporting requirements, and another to raise its transactional and institutional reporting thresholds. NAFCU recently offered its support for increasing the HMDA reporting thresholds, and the bureau extended the temporary threshold for reporting open end lines of credit under HMDA.

HMDA concerns were also a hot-topic during CFPB Director Kathy Kraninger's testimony before the House and Senate last week. In addition, Kraninger updated lawmakers on a number of rulemakings and guidance initiatives currently underway at the bureau that could be discussed during today's CUAC meeting, including the ability-to-repay/qualified mortgage patch; unfair, deceptive, or abuse acts and practices; payday lending; and more. These issues were among those included on the bureau's spring rulemaking agenda.

CUAC and other CFPB advisory councils will hold a joint meeting tomorrow to discuss include discussions on a NAFCU-supported initiative to help consumers save, innovation policies – which were issued last month – and the consumer complaint database.

NAFCU will monitor the meetings and update credit unions on discussions.