Also: CFPB says structure is unconstitutional; Association details debt collection proposal concerns



NAFCU TODAY | The News You Need Daily.

September 18, 2019



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House NDAA conferees named; NAFCU maintains advocacy to eliminate nominal lease provision [ [link removed] ]
House leadership named members to represent the chamber in discussions to reconcile differences in the 2020 National Defense Authorization Act (NDAA). NAFCU's award-winning advocacy team will maintain its efforts to ensure a provision that would require the Department of Defense (DoD) to treat big banks the same as credit unions when it comes to nominal leases on military bases is not included in the final bill.


NAFCU details concerns with CFPB's debt collection proposal [ [link removed] ]
Highlighting a number of "indirect effects" credit unions – which are not debt collectors as defined in the Fair Debt Collection Practices Act (FDCPA) – will face as a result of the CFPB's proposed rule related to third-party debt collection, NAFCU's Kaley Schafer outlined regulatory improvements the bureau can make before finalizing the rule.


CFPB says structure is 'unconstitutional' [ [link removed] ]
After years of lawsuits challenging the CFPB's single-director structure and calls from various stakeholders – including NAFCU – to change its governance to a bipartisan commission, the Trump administration has determined that the bureau's current structure is unconstitutional.






CFPB considers innovative approaches to regulation [ [link removed] ]
The CFPB today published a request for information (RFI) seeking input on how it can use "Tech Sprints" to "encourage regulatory innovation and collaborate with stakeholders in developing viable solutions to regulatory compliance challenges."


NAFCU shares support, concerns ahead of HFSC markup [ [link removed] ]
The House Financial Services Committee is set to hold a markup today of several bills, including the NAFCU-backed Alternative Data for Additional Credit FHA Pilot Program Reauthorization Act (H.R. 123) that would encourage lending and inclusion to those who lack traditional credit scoring activities.


California privacy act amended but no delay [ [link removed] ]
The California State Legislature last week passed a number of amendments to the California Consumer Privacy Act (CCPA) that will reduce compliance burdens for businesses. However, the legislature did not delay the compliance date as NAFCU and others had urged.


DoD launches financial literacy website [ [link removed] ]
The Department of Defense's (DoD) Office of Financial Readiness launched a new website dedicated to financial literacy, following a NAFCU-attended session earlier this year hosted by the Treasury Department with members of the Financial Education Literacy Commission.



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