May28

Q2 Small Credit Union Roundtable

Held quarterly—with additional sessions as needed—these open discussions cover topics like growth strategies, succession planning, operational hurdles, and more.
Jun3

YP Summit

This conference is an excellent opportunity to learn how to become a stronger leader in the Credit Union Movement, hear from expert speakers, grow your network, develop skills in workshops, and more.
Jun3

Collectors Council; Session Two

This session provides an opportunity to share challenges and successes with collection and recovery peers, ask questions and learn from each other, as well as gain insights from outside legal and industry experts.
Jun5

Risk Management Council; Session Two

By connecting peers in these areas, this council fosters communication and support that helps the industry identify and reduce the many areas of risk that credit unions face daily.
Home » Advocacy On The Move »

A Turning Point for CFPB Regulations

Posted by on April 10, 2025

Wednesday, the House voted 217–211 to overturn the Consumer Financial Protection Bureau’s (CFPB) Overdraft Fee Rule. The resolution, approved by the Senate last week, now heads to President Trump’s desk for signature. Enacted through the Congressional Review Act (CRA), the repeal does not only eliminate the rule but also prevents the CFPB from issuing a “substantially similar” regulation in the future. 

GoWest Credit Unions voiced serious concerns about the negative impact this rule would have on member-focused overdraft protections. Through coordinated efforts during GACs, direct engagement with lawmakers during multiple Hike the Hill trips and comment letters credit union leaders made their voices heard.  

We are seeking input on strategy from credit unions. This rule is required by statute, and current CFPB leadership has indicated they are open to tailoring regulations to minimize regulatory burden. Credit unions have the opportunity to work with the Bureau to draft a new rule under the current Administration’s philosophy. The alternative is to advocate that the CFPB takes no action, leaving it to potentially be addressed by a future Administration.   

This question will be discussed further at the upcoming GoWest Regulatory Advisory Committee meeting, ahead of meeting with the CFPB during the Spring Hike the Hill.    

Section 1071 – HMDA for Business Rule 

Another CFPB rule under review is Section 1071, which mandates small business loan data collection and reporting. While Congress voted last year to overturn it, President Biden vetoed the resolution, and the veto was not overridden. With the CRA option now off the table, lawmakers are exploring new legislative approaches to repeal it. Additionally, CFPB leadership has directed staff to revisit Section 1071, with plans to issue a Notice of Proposed Rulemaking in the near future. 

GoWest is already engaging with the CFPB on this rule and will continue discussions during the upcoming Spring Hike the Hill trip.  

As the regulatory landscape shifts, GoWest remains committed to ensuring credit unions have a seat at the table. We will continue tracking developments closely and keep you informed.  

 

 

Posted in Advocacy on the Move, Regulatory Advocacy.