Newsroom
NAFCU Board meets with CFPB Director Chopra
The NAFCU Board of Directors along with the association’s staff Tuesday met with CFPB Director Rohit Chopra to discuss several credit union related topics and share the industry’s thoughts on several of CFPB’s rulemakings. NAFCU Board Chair Gary Grinnell, NAFCU President and CEO Dan Berger, Senior Vice President of Government Affairs Greg Mesack, and Vice President of Regulatory Affairs Ann Petros were in attendance.
NAFCU shared insights on credit union industry trends. NAFCU recently released the latest CU Industry Trends report, which provides insights based on call report data from the first quarter of 2022. NAFCU also discussed fintech accountability and supervision and the CFPB’s recent announcement that it would begin exercising supervisory authority over nonbank entities, under a largely unused legal provision of the Dodd-Frank Act to examine such nonbank financial entities that pose risks to consumers.
NAFCU offered support for the CFPB’s expanded supervision over fintechs and other nonbank entities, encouraging “all relevant regulators to ensure that when fintechs compete with traditional financial institutions, they do so on a level playing field where smart regulations and consumer protections apply to all actors in the consumer marketplace.” The association characterized the bureau’s efforts as positive first steps but emphasized the need for exercising its “larger participant” authority and suggested that it do so over peer-to-peer payment providers and buy-now-pay-later lenders.
The group also discussed the CFPB’s proposed section 1071 data collection rule, to which NAFCU has sought a number of changes, sighting the significant compliance costs and the additional burden it would place on credit unions as proposed.
Of note, the group also discussed the CFPB’s focus on supervisory efforts on discrimination and "unfair" practices and its revised examination procedure guide for unfair, deceptive, or abusive acts or practices (UDAAP). NAFCU has sought feedback from members on the expected impact of the CFPB’s increased focus on discrimination and has updated its UDAAP issue brief to highlight the revision in the exam manual.
In addition, NAFCU’s Board and staff shared several thoughts on the CFPB’s request for information on consumer financial products and services, or "junk fees." The association recently submitted feedback stating that while it is generally supportive of the CFPB improving consumers’ understanding of financial products and services, its mischaracterization of fees in the financial services industry as “junk fees,” “excessive or exploitative fees,” or “inflated or surprise fees,” only confuses and frustrates consumers.
The CFPB also issued an Advance Notice of Proposed Rulemaking (ANPR) on credit card late fees that financial institutions, including credit unions, collect. NAFCU and several trades requested the bureau provide a 60-day extension to the comment deadline, currently due on July 22. The association sent members a Regulatory Alert last month inviting credit union feedback on the ANPR.
NAFCU continues to engage the CFPB to ensure credit union priorities and concerns remain top of mind as they oversee the financial institution regulatory space.
Share This
Related Resources
Add to Calendar 2024-04-25 14:00:00 2024-04-25 14:00:00 Unifying Two Different Executive Benefits Programs About the Webinar In part one we discussed how to retain key positions during a time of transition. In part two, we will look at how to combine executive benefits programs from two different organizations into a single high-performing program. Evaluating each program includes many different facets, from strategy and expense to performance and servicing. This session will provide important considerations, whether or not you have pending M&A activity. Key Takeaways: Is the plan design both retentive and efficient? Is the benefit expense properly mitigated? Does the legal agreement reflect the board’s intent? View On-Demand Web NAFCU digital@nafcu.org America/New_York public
Unifying Two Different Executive Benefits Programs
preferred partner
Gallagher
Webinar
Add to Calendar 2024-04-25 14:00:00 2024-04-25 14:00:00 ChatGPT: What AI can do for you! ChatGPT has been created with one main objective – to predict the next word in a sentence, based on what's typically happened in the gigabytes of text data that it's been trained on. Did you ever hear of the saying, “People fear the unknown?” Artificial intelligence scares people, but it is the future, and you need to understand the tools and resources it offers. It’s also about saving time, that’s what technology and in this case, artificial intelligence can do for you. If you want to save time and have a better quality of life, this training is for you. Once you give ChatGPT a question or prompt, it passes through the AI model and the chatbot produces a response based on the information you've given and how that fits into its vast amount of training data. It's during this training that ChatGPT has learned what word, or sequence of words, typically follows the last one in a given context. During this webinar, ChatGPT: What AI can do for you, you’ll discover the background, purpose, usability, and the pros and cons. Don't miss this opportunity! Key Takeaways Learn the background of AI Understand the purpose of AI Identify the pros and cons Register Now $295 Members | $395 Nonmembers(Additional $50 for USB)One registration gives your entire team access to the live webinar and on-demand recording until April 25, 2025Go to the Online Training Center to access the webinar after purchase » Who Should Attend NCRMs Risk titles Education Credits NCRMs will recieve 1.0 CEUs for participating in this webinar Web NAFCU digital@nafcu.org America/New_York public
ChatGPT: What AI can do for you!
Credits: NCRM
Webinar
Add to Calendar 2024-04-24 14:00:00 2024-04-24 14:00:00 Optimize Liquidity, Maximize Loan Growth: The Network Lending Advantage About The Webinar Join us to learn more about network lending, a cooperative model allowing credit unions to optimize liquidity and achieve loan growth. Discover how credit unions can participate in loan pools with other institutions, allowing them to diversify portfolios, access loans with potentially lower risk and higher yields, and expand lending capacity without necessarily needing a surge in deposits. Delve into how credit unions can pool their resources, set common underwriting and pricing standards, and collectively originate, buy, and sell loans to optimize liquidity management. Hear from your peers about best practices, case studies, and practical strategies to harness the full potential of network lending and how it's helped their credit unions. Don't miss this valuable opportunity to learn how to strengthen your credit union's position in today’s competitive environment. Key Takeaways: How network lending differs from traditional lending The benefits of participating in loan pools with other credit unions How credit unions can set common underwriting and pricing standards and collectively originate, buy and sell loans to optimize liquidity management Why network lending is critical to loan growth Watch On-Demand Web NAFCU digital@nafcu.org America/New_York public
Optimize Liquidity, Maximize Loan Growth: The Network Lending Advantage
preferred partner
LendKey
Webinar
Add to Calendar 2024-04-23 14:00:00 2024-04-23 14:00:00 Monitoring the Latest Litigation Risks Credit unions’ operations pose litigation risks, with more of these cases being filed as class action lawsuits. In this Monitoring the Latest Litigation Risks for Credit Unions webinar, you’ll review some of the specific kinds of lawsuits impacting credit unions and what potential claims could be on the horizon. You’ll also examine some options for mitigating risks. Key Takeaways Review the current lawsuit trends. Understand the potential claims risks Explore options for mitigating risks. Register Now $295 Members | $395 Nonmembers(Additional $50 for USB)One registration gives your entire team access to the live webinar and on-demand recording until April 23, 2025Go to the Online Training Center to access the webinar after purchase » Who Should Attend NCCOs NCRMs Compliance and risk titles Education Credits NCRMs will recieve 1.0 CEUs for participating in this webinar NCCOs will recieve 1.0 CEUs for participating in this webinar Web NAFCU digital@nafcu.org America/New_York public
Monitoring the Latest Litigation Risks
Credits: NCCO, NCRM
Webinar
Get daily updates.
Subscribe to NAFCU today.