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.
Some of the changes being considered are required under the Dodd-Frank Wall Street Reform and Consumer Protection Act. However, the CFPB is considering additional requirements, such as requiring institutions to include an explanation of rejected loan applications.
As a first step, the CPFB is convening a panel of small lenders (credit unions and community banks) to provide feedback on potential changes. This panel is required under law when a rule under development may have significant impact on a substantial number of small entities.
The CFPB will also seek feedback from industry and consumer groups, and is consulting with other federal agencies. Credit unions can expect a proposed rule later this year.
The California and Nevada Credit Union Leagues are reviewing the proposed changes and their impact, and will keep credit unions informed of the rulemaking process and their opportunity to comment.
Changes being considered by the CFPB are categorized as “Better Information” and “Better Collection.” Under the “Better Information” category, the CFPB is considering requiring the following information:
New HMDA Tool (Access to HMDA Information)
In addition, the CFPB also announced a new HMDA tool designed to provide the public easier access to mortgage data.
Political Action Committees are organized for the purpose of raising and spending money to elect and defeat candidates, with most PACs representing business, labor or ideological interests.