Mon, Jul 25, 2016
District Of Columbia
On Thursday, July 21, member credit unions participated in a roundtable at the CFPB facilitated by the MD|DC Credit Union Association to discuss issues of importance and to engage CFPB staff on current and proposed rules. In addition to association members, the group was joined by representatives from CUNA and CUMA (Credit Union Mortgage Association).
Much of the discussion revolved around the issue of Overdraft Protection (ODP). The CFPB has been working on rules to address this issue for several years. Member credit unions provided perspective to the CFPB on how credit unions work with their members concerning this issue.
Member credit unions continued to be very forceful in conveying to the CFPB the benefits and satisfaction that member-account holders have overwhelmingly expressed with current ODP programs, which they proactively opt into.
“I would like to thank the CFPB for taking the time to meet with our members and their willingness to listen to concerns raised on important issues facing our credit unions,” said John Bratsakis, President/CEO, MD|DC Credit Union Association. “We look forward to providing the CFPB with feedback from our credit unions on the topics that were discussed. We will work together with the CFPB to continue an ongoing dialogue to provide credit unions with a voice on regulatory issues.”
The CFPB recognizes that each credit union is different. In an effort to ensure that all credit union voices are heard, the association will be conducting a follow up survey with members on ODP to provide the CFPB with more input.
Additional issues the group focused on included:
- Interest in TRID and its effect on credit unions
- Small dollar loans and consideration of exempting NCUA PALs program specifically rather than just elements that are included in the rule.