WASHINGTON—The CFPB's Credit Union Advisory Council (CUAC) ends its two-day meeting today, having discussed faster payments, the Bureau's request for information (RFI) on remittances and consumer savings initiatives.
During the meeting the council also joined with the CFPB's other advisory councils to discuss the Bureau's third-party debt collection proposal, trends in the mortgage market and efforts to educate consumers on financial issues.
NAFCU, which attended the meeting, outlined its positions on what was discussed:
- Faster payments: NAFCU said it has worked to ensure credit unions' perspective on a safer, faster payments system is considered as the Federal Reserve and other stakeholders work on the issue. The association and member credit unions continue to meet with Federal Reserve Bank presidents on the issue; NAFCU has encouraged the Fed to play an operational role in a future, faster payments system.
- Remittance rule RFI: NAFCU's Cybersecurity and Payments Committee has discussed credit unions' reliance on the current temporary exemption to provide remittance services to members and how compliance costs scale with the volume of remittance transfers. Additional information can be found in a Regulatory Alert.
- Debt collection proposal: The association said it has urged the Bureau to exempt credit unions from any rules related to first- and third-party debt collection, as credit unions are not the bad actors in this space.
Members of the Credit Union Advisory Council include:
- Arlene Babwah, Vice President Risk Management, Coastal FCU
- Sean Cahill, President & CEO, Southwest 66 Credit Union
- Teresa Campbell, President & CEO, San Diego County Credit Union
- Christopher Court, Vice President, Accounting & Operations, Service 1st FCU
- James Hunsanger, Chief Risk Officer, Michigan State University FCU
- Bryan Price, President & CEO, Indiana University Credit Union
- Eric Schmidt, President & CEO, WestStar Credit Union