Cordray and NAFCU sit down to talk reg relief

CFPB Director Richard Cordray will be at NAFCU headquarters today for a meeting with the association’s board of directors to discuss various regulatory issues affecting the credit union industry, including the Home Mortgage Disclosure Act (HMDA), overdraft, and unfair, deceptive, or abusive acts or practices (UDAAP).

The board today may also go over industry highlights from the association’s newly released 2017 NAFCU Report on Credit Unions.

Today’s meeting will also include a discussion of credit unions’ regulatory burden and how the CFPB can better use its exemption authority for the industry. The NAFCU Board today will strongly urge the bureau to avoid promulgating any rule that would put any credit union offerings in jeopardy or that would curtail service to their 110 million members. NAFCU has also pushed for more clarification – through the use of guidance – on the bureau’s approach to UDAAP.


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