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CUAC, CBAC discuss section 1071 proposal, age friendly banking, more
The CFPB's Credit Union Advisory Council (CUAC) yesterday held a joint meeting with the Community Bank Advisory Council (CBAC) to discuss the bureau’s proposed changes to section 1071 of the Dodd-Frank Act. The Dodd-Frank’s section 1071 amended the Equal Credit Opportunity Act (ECOA) to require the collection and submission of credit application data related to women or minority-owned businesses and small businesses.
In late September, NAFCU sent a Regulatory Alert to members breaking down the CFPB’s proposed rule to implement changes made by section 1071 of the Dodd-Frank Act. Through the Regulatory Alert, the association is seeking member-credit union feedback on the proposal. Of note, the Bureau announced that comments on the proposed rule are due Jan. 6, 2022.
Additional topics on the meeting agenda included an older American session on age friendly banking and a financial education session for children K-12.
Three representatives from NAFCU-member credit unions currently serve on CUAC. The association will continue to work closely with the CFPB, CUAC, and other stakeholders to share credit unions feedback and provide insights into the regulatory and legislative landscape.