Author: Gracie Nelson
CFPB Extends Compliance Dates for Small-Business Lending Rule
An interim rule provides lenders with more time to prepare amidst legal and regulatory changes.
CFPB Releases Notice of Proposed Rulemaking to Remove Medical Bills from Credit Reports
Last week, the CFPB released a Notice of Proposed Rulemaking that would significantly impact credit reporting and lending practices by amending Regulation V of the Fair Credit Reporting Act (FCRA) to remove medical debt from credit reports.
CDFI Fund Extends Submission Deadlines for Revised CDFI Certification Application
On Thursday June 20, the Community Development Financial Institutions Fund (CDFI Fund) announced an extension for the reapplication deadlines for currently certified CDFI’s using the revised CDFI Certification Application.
Update: CFPB’s New Rule on Open Banking Standards
This rule is crucial for the implementation of the upcoming Personal Financial Data Rights Rule which was proposed in October of 2023 and could be finalized later this year.
CFPB Issues Request for Information Related to Mortgage Servicing Practices.
The agency is interested in the impacts of loan closing costs, many of which are beyond the control of the lender or the consumer.
Important Update: Anticipated Rulemaking on Mortgage Servicing
Your GoWest Regulatory Affairs team provides an analysis of the forbearance programs enacted during COVID, and updates advocacy efforts regarding future rulemaking.
CFPB’s Issue Spotlight and Panel on Credit Card Rewards
As advocates for consumers, credit unions have a unique opportunity to continue championing transparency, fairness, and consumer protection in credit card reward programs.
Regulatory Update: Debit Interchange Reduction Proposal
Over the past few months, GoWest has been diligently collecting credit union feedback, discussing strategies, and crafting a comprehensive response to the proposed changes that would directly reduce debit interchange income on credit unions over $10B in assets by approximately 30%, as well as, indirectly negatively impacting those under $10B.
Regulatory Advisory Committee Meeting Summary
Updates were provided by CFPB and the California-Nevada League regarding the current ODP landscape.
2023 HMDA Data Released
We highly encourage GoWest credit unions to analyze this data to gauge your standing within the industry and track your progress over time as shifting currents within the regulatory realm continue to shape the mortgage landscape.
Pravina Raghavan Steps into New Role as Director of CDFI Fund
Pravina Raghavan has recently assumed the position of Director of the Community Development Financial Institutions (CDFI) Fund. Director Raghavan hails […]
The CFPB’s Focus on Housing Fees: Implications for Credit Unions
The latest attack on fee income came on Friday, March 8, as the CFPB published a blog post outlining their […]
CFPB Finalizes Credit Card Late Fee Rule
This morning, the Consumer Financial Protection Bureau (CFPB) finalized the Credit Card Late Fee rule. The ill-advised rule changes what […]
Update on Advocacy Action Plan Regarding CFPB’s Overdraft Rule
In collaboration with member credit unions, GoWest has a comprehensive advocacy strategy regarding the rule.