CFPB’s Kraninger talks tailored regs, PACE, UDAAP w/ CUs

California and Nevada credit union leaders met with Consumer Financial Protection Bureau (CFPB) Director Kathy Kraninger is Los Angeles Tuesday to discuss credit union issues. Credit union leaders in attendance stressed the need for tailored regulations from the CFPB.

Specific Issues discussed include the need for strong Property Assessed Clean Energy (PACE) loan regulations, reconsideration of the CFPB’s Remittance rule coverage and safe harbor threshold, payday lending exemptions and the need for the CFPB to define “abusive” under Unfair, Deceptive or Abusive Acts or Practices (UDAAP).

“It was clear the Director has heard loud and clear the need for tailored regulations, and she said she is open to looking for exemption opportunities,” said Sharon Turley, vice president of regulatory advocacy for the California and Nevada Credit Union League. “The League valued this opportunity to meet with Director Kraninger for the second time. We find the director open and attentive to credit union issues.”


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