In Draft Plan, CFPB Rejects Request to Exempt Credit Unions from Loan Reporting Rule

The Consumer Financial Protection Bureau would not exempt credit unions from the requirement to report lending to women-owned businesses, minority-owned businesses, and small businesses to the agency, according to an initial proposal being circulated by the bureau.

Credit union trade groups have sought a blanket exemption from the reporting required under the Dodd-Frank Act.

Key CFPB Staffer Joins ABA

Kirsten Sutton, chief of staff for Consumer Financial Protection Bureau Director Kathleen Kraninger, has been named senior vice president and executive director of the American Bankers Association’s Card Policy Council.

The Card Policy Council handles legislative, regulatory and communications issues facing credit card issuers and payment card networks.

Payday Lender Group: CFPB Rule Still ‘Overreaching’

The Consumer Financial Protection Bureau may have rescinded large parts of its payday lending rule, but the parts that remain are “unnecessary, arbitrary, capricious, overreaching, procedurally improper, and substantially harmful to lenders and borrowers alike,” associations representing payday lenders said last week, in an amended suit challenging the rule.

The Consumer Financial Services Association of America and its Texas affiliate had challenged the strict payday lending rule issued during the Obama Administration in the U.S. District Court for the Western District of Texas in 2018.

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.