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HCUA, Federal Lawmakers Share Concerns with CFPB Proposed Small Dollar Loan Rule

Oct
07
HCUA, Federal Lawmakers Share Concerns with CFPB Proposed Small Dollar Loan Rule

The Heartland Credit Union Association (HCUA) shared concerns with the Consumer Financial Protection Bureau (CFPB) on behalf of member credit unions regarding its proposed rule concerning payday, vehicle title and covered loans. The deadline for comments was October 7. 

Posted By Nora Revie read more

CFPB Payday Lending Proposal – Credit Union Feedback Needed by August 26

Aug
22
CFPB Payday Lending Proposal – Credit Union Feedback Needed by August 26

Missouri and Kansas credit unions are asked to share information with the Heartland Credit Union Association (HCUA) in connection with the Consumer Financial Protection Bureau’s rule for payday, vehicle title and certain high-cost installment loans. There is concern that the overly broad scope of the rule will sweep in products and services offered by credit unions that are not even similar to a payday or small dollar loan. In addition, i

Posted By Amy McLard read more

HCUA Comments on CFPB Proposed Arbitration Rule

Aug
22
HCUA Comments on CFPB Proposed Arbitration Rule

Heartland Credit Union Association (HCUA) submitted a comment letter on behalf of member credit unions to the Consumer Financial Protection Bureau (CFPB) regarding its proposed arbitration rule. The proposed rule would eliminate arbitration clauses that are routinely included in many contracts for consumer financial products.

Posted By Nora Revie read more

Heartland Credit Union Association Joins CFPB Letter

Aug
15
Heartland Credit Union Association Joins CFPB Letter

Kansas and Missouri concerns about the Consumer Financial Protection Bureau (CFPB) rejection of the agency’s exemption authority are represented in a letter signed by all 37 credit union leagues and the Credit Union National Association (CUNA).

Posted By Amy McLard read more

Regulatory Advocacy Alert: CFPB’s Proposed Rule Would Eliminate Arbitration Clauses

Jul
29
Regulatory Advocacy Alert: CFPB’s Proposed Rule Would Eliminate Arbitration Clauses

August 22 is the deadline for comment letters regarding the Consumer Financial Protection Bureau’s (CFPB) proposed arbitration rule. The proposed rule would eliminate arbitration clauses that are routinely included in many contracts for consumer financial products. These arbitration clauses can protect credit unions from class action lawsuits when requiring arbitration as an alternative dispute resolution process.

Posted By Nora Revie read more

Comment Letters due August 10 for CFPB Proposed Annual Privacy Notification Requirement

Jul
18
Comment Letters due August 10 for CFPB Proposed Annual Privacy Notification Requirement

The annual privacy notice requirement was lifted by Congress in December 2015, when the issue was included in the Fixing America’s Surface Transportation (FAST) Act. Missouri U.S. Congressman Blaine Luetkemeyer (R-District 3) sponsored the privacy notice legislation, and credit unions strongly supported the effort. The bill took effect upon signing, which means annual privacy notices are no longer required UNLESS there is a change in policy. This will save financial institutions unnecessary compliance costs.

Posted By Susan Dyer read more

CFPB Exemption Authority Letter Circulates in U.S. Senate

Jul
11
CFPB Exemption Authority Letter Circulates in U.S. Senate

A letter urging the Consumer Financial Protection Bureau (CFPB) to utilize its exemption authority for credit unions and other smaller financial institutions is circulating in the U.S. Senate. U.S. Senator Jerry Moran (R-Kansas), U.S. Senator Roy Blunt (R-Missouri) and U.S. Senator Claire McCaskill (D-Missouri) have already signed on to the letter.

Posted By David Kent read more

Credit Unions Attend CFPB Hearing on Small-Dollar Lending

Jun
07
Credit Unions Attend CFPB Hearing on Small-Dollar Lending

Kansas and Missouri credit union representatives attended the Consumer Financial Protection Bureau’s (CFPB) field hearing on its payday lending/small-dollar lending proposal on June 2. There was a capacity crowd for the event in the Kansas City Music Hall. Attendees from six credit unions and the Heartland Credit Union Association (HCUA) were scheduled to take part.

Posted By Nora Revie read more

June 2: CFPB Field Hearing in Kansas City – CU Participation Encouraged

May
27
June 2: CFPB Field Hearing in Kansas City – CU Participation Encouraged

The Consumer Financial Protection Bureau (CFPB) will hold a field hearing in Kansas City on June 2. It will focus on payday lending/small dollar lending. The hearing will feature remarks from Richard Cordray, CFPB Director, as well as testimony from pre-selected participants. Attendees should have the opportunity to ask questions.

Posted By Nora Revie read more

HCUA Comment Letter on HMDA (Regulation C)

Apr
01
HCUA Comment Letter on HMDA (Regulation C)

Heartland Credit Union Association (HCUA) sent a comment letter to the Consumer Financial Protection Bureau (CFPB) on the Office of Management and Budget (OMB) review of the Agency Information Collection Activities concerning the Home Mortgage Disclosure Act (Regulation C) (HMDA).  Primarily, HCUA feels that the HMDA cannot establish discrimination.

Posted By Sharon Bahr read more

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