Prominent think tank supports bipartisan Senate reg-relief bill: A key part of CUNA’s 360° advocacy includes building broad coalitions of support for our priorities. We’re proud to note that Third Way, a Washington D.C. think tank from the political center recently came out in support of the Main Street regulatory relief bill S. 2155. We welcome its backing as we continue to push for Senate passage of this vital legislation. Third Way, a strong supporter of Dodd-Frank, noted that the bill is designed to give community banks and credit unions more room to lend. I couldn’t agree more. If you agree, take action today.
CFPB pledges to focus on bad actors, tailor enforcement: For a long time, CUNA has been asking for less one-size-fits-all regulation by the CFPB—target the rulebreakers, but give the good guys like credit unions more breathing room. This week the CFPB’s interim director wrote an op-ed outlining a vision for the regulatory agency that sounds like it will get us closer to what credit unions want: clearer rules, a focus on the real consumer threats, and decision-making driven by qualitative data and consumer complaints, something CUNA has forcefully argued for.
We’re hoping in that new spirit, the CFPB will take another look at how it characterizes overdraft services. So far, the bureau’s reports have relied on old data from a small number of big banks, and don’t reflect the more consumer-friendly way credit unions handle overdraft protection. The bureau already agreed this week to CUNA’s request to delay the implementation of a prepaid accounts rule, beyond even what we requested.
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