Credit Union Trade Groups Endorse CFPB Advisory Opinion Plan; Consumer Groups Oppose It

A Consumer Financial Protection Bureau proposal to allow financial services providers and trade groups to apply for advisory opinions would help bring more certainty to the regulatory process, credit union trade groups said last week.

A coalition of consumer groups warned that the proposal would circumvent the regulatory process that is designed to protect consumers.

Crapo Questions New FHFA Fee; Cooperative Credit Union Association Accuses Agency of Greed

Senate Banking Committee Chairman Mike Crapo (R-Id.) wants to know why the Federal Housing Finance Agency—amid a financial crisis– is imposing new fees on homeowners who are refinancing their mortgages.

“Many housing market stakeholders have highlighted the potential negative impact the announced pricing increase will have on consumers seeking to access this benefit by increasing the average cost of refinancing,” Crapo wrote in a letter late last week to FHFA Director Mark Calabria.

As pressure builds on the FHFA to reverse its 0.5% fee, the president of the Cooperative Credit Union Association pointed out that the two Government Sponsored Enterprises affected—Fannie Mae and Freddie Mac—posted large profits in the second quarter of the year.

NCUA Board Member McWatters May Be Around for a While

National Credit Union Administration Board member J. Mark McWatters may have given his farewell comments during the board’s July meeting, but the Republican may not be going anywhere for a little while longer.

The Senate officially left town this week for its August recess without voting on McWatters’ replacement, Kyle Hauptman. The Senate is not expected to return until Sept. 8 unless negotiators reach a deal on the coronavirus crisis stimulus legislation.