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The CFPB's Credit Union Advisory Council (CUAC) will meet Oct. 23 to discuss issues facing the industry, including an overview of the CFPB's regulatory agenda, implementation and guidance concerns, and the Home Mortgage Disclosure Act (HMDA). The bureau recently announced new CUAC members, which include three from NAFCU-member credit unions.

On Oct. 24, CUAC will join the other CFPB advisory councils for a joint meeting. The joint meeting will include discussions on a NAFCU-supported initiative to help consumers save, innovation policies – which were issued last month – and the consumer complaint database. Despite concerns about publishing unverified narratives, the bureau recently announced that it will continue to publish the database, but with some enhancements.

HMDA is among credit unions' top compliance issues. The CFPB is currently considering two proposals related to HMDA: one to address data collection and reporting requirements, and another to raise its transactional and institutional reporting thresholds. 

NAFCU is set to submit comments on the data collection proposal ahead of the Oct. 15 deadline; the association previously offered support for increasing the HMDA reporting thresholds. The bureau yesterday extended the temporary threshold for reporting open end lines of credit under HMDA, which NAFCU supports. A final rule addressing potential adjustments to the permanent thresholds for closed-end mortgage loans and open-end lines of credit is expected sometime in 2020.

In addition, the Federal Financial Institutions Examination Council last month released HMDA-required data on mortgage lending transactions from more than 5,000 U.S. financial institutions.

NAFCU will monitor the meetings and keep credit unions updated on their discussions.