Supreme Court Ruling Creates More Uncertainty for CFPB’s Future

Monday’s U.S. Supreme Court ruling upending the leadership structure of the Consumer Financial Protection Bureau did little to quell the arguments over the controversial agency and its work.

For credit union trade group and critics of the agency, the ruling did not go far enough since it did not rule the single-director structure unconstitutional. They said they hope the decision will increase the chance that Congress will enact legislation converting the agency into a commission.

CUNA Sends Pandemic Legislative Wish List to Congress

In a wish list sent to every office on Capitol Hill Tuesday, the Credit Union National Association renewed its call to allow expanded business lending by credit unions for one year to help businesses weather the coronavirus pandemic. A one-year exemption from the current Member Business Lending cap would open up some $5 billion for investment and could create as many as 50,000 jobs, CUNA said.

CFPB Announces Advisory Opinion Pilot Program

Under a new pilot program announced last week, credit unions and other financial institutions are now able to request an advisory opinion from the Consumer Financial Protection Bureau if they are uncertain about the application of bureau rules.

The agency will make certain requests and answers public in an effort to make its interpretation of rules clearer for the public.

Democratic Senators Call for Streamlined PPP Forgiveness Application

All 45 Democratic senators are pushing the Trump Administration to develop a streamlined process for the smallest businesses to obtain loan forgiveness under the Paycheck Protection Program.

The 45 senators, in a letter to Treasury Secretary Steven Mnuchin and Small Business Administration Administrator Jovita Carranza, did not go as far as credit union trade groups, which have called for automatic loan forgiveness for certain borrowers.