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Faster payments, remittances RFI focus of CUAC meeting
The CFPB's Credit Union Advisory Council (CUAC) begins a two-day meeting today with discussions on faster payments, the bureau's request for information (RFI) on remittances and consumer savings initiatives. Tomorrow, the council will join 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 staff will be in attendance for both meetings and will keep credit unions updated on the discussions. Learn more about the meetings and register to attend here; they will also be broadcast live. Here is more information on some of the topics that will be discussed:
- Faster payments: NAFCU 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 yesterday 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 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. Member credit unions are encouraged to submit feedback on the bureau's proposed rule through NAFCU's Regulatory Alert until Aug. 5.
Earlier this year, the bureau renewed the CUAC charter for two years but made changes to membership. Currently, four NAFCU-member credit union representatives serve on the council.