Credit Union Advocates Meet With CFPB

CFPB visits with credit union leaders
Credit union leaders met with Deputy Assistant Director-Office of Financial Institutions Jennifer Stockett of the Consumer Financial Protection Bureau at the League’s Ontario office.

Last week, credit union leaders met with Deputy Assistant Director-Office of Financial Institutions Jennifer Stockett of the Consumer Financial Protection Bureau at the League’s Ontario office.

Stockett mentioned that the new Director Kathy Kraninger is on a listening tour until April. Kraninger met with California League members earlier this month in San Francisco. This was her first meeting with industry stakeholders. (Click here to read the article  from the Jan. 22nd CU Weekly edition)

Stockett also noted that Director Kraninger is trying to strike the right balance in rules, ensuring consumer protection and access to credit and considering the regulatory burden to financial institutions. An economist was hired for the Office of Cost Benefit Analysis and it should be measuring the cost burden for each rule coming out. Additionally, she discussed the Bureau’s agenda, including a proposed small dollar lending rule (possibly this week); debt collection for third party collectors (spring 2019); and HMDA revisions (later this year).

The Bureau is just beginning its data collection process for Property Assessed Clean Energy (PACE) lending. The Bureau will be issuing a request for information soon. Proposed changes to mortgage rules are expected in 2020 or 2021, based on the Bureau’s recent five-year assessment.

League members engaged in an open dialog and shared ongoing challenges with many of the Bureau’s rules, including HMDA, ATR, QM, and TRID rules.

“What a terrific opportunity to engage with the Bureau," said Darci Cancino of SchoolsFirst FCU. "I felt we were heard, and Jennifer took many notes."

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