California and Nevada's voice in Washington D.C. The Leagues are the only Leagues with a full time staff dedicated to working with Congress, Government Agencies, and Federal Regulators. The resources in this area will help you keep informed of the latest developments and credit union priorities.
State Government Advocacy efforts brings the voice of credit unions to Sacramento and Carson City. Our advocacy team works daily with elected officials, staff, the executive offices, gubernatorial appointees, and the decision-makers of California and Nevada. This area will keep you updated on all advocacy efforts at the state level of Government.
|Richard Cordray, Director of the Consumer Financial Protection Bureau (CFPB)|
So what’s coming? The CFPB lists four items in the "pre-rule" stage:
Home Mortgage Disclosure Act (HMDA)
The CFPB has said it's working to complete a rule to integrate and streamline federal mortgage disclosures.
It expects to issue the final rule this fall, but would not expect any implementation work to begin until after the January 2014 effective date for the earlier mortgage rules.
Annual Privacy Notices
Pending needed legislative action, the CFPB is expecting to issue a proposal eliminating the annual privacy notices for financial institutions that limit the sharing of information with third-parties and where there has been no change in policies.
Payday Loans and Deposit Advance Products
The CFPB recently issued a white paper on payday loans and deposit advance products.
Within the report, the CFPB says it intends to continue its inquiry into these products as "the data gathered to date are persuasive that further attention is warranted to protect consumers."
Debt Collection Rules
The CFPB says it is "beginning to consider whether regulations may be appropriate to address concerns raised about debt collection." This is in response to consumer complaints about debt collection to the agency.
Also, included in the "proposed rule" stage, the CFPB expects to issue a proposed rule regarding prepaid cards.
Use PowerComment—YOUR Regulatory Advocacy Tool
The California and Nevada Credit Union Leagues continue to monitor proposed rules, advocate on your behalf, and encourage you to comment and become engaged in the rulemaking process. Visit PowerComment today for a list of current proposals open for comment.
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