NAFCU urges disclosure exemption for credit unions ahead of today’s CFPB hearing

first_img continue reading » NAFCU, noting the uniqueness of credit unions and their limited authority for member business lending, urged ahead of a CFPB public field hearing today that the CFPB exempt the industry from any future rulemaking that would require further disclosure of business loan information.Today’s hearing, slated for 11 a.m. Pacific (2 p.m. Eastern) in Los Angeles, will review a Dodd-Frank Act small business lending requirement that the CFPB collect information on small business loans made to women- and minority-owned business.NAFCU will monitor the hearing for any potential impact on the credit union industry.“Credit unions serve distinct fields of membership, and as a result, institution-level data related to women-owned, minority-owned, and small business lending substantially differs in relation to other lenders,” wrote NAFCU Regulatory Affairs Counsel Andrew Morris in a letter to the bureau on Tuesday. “Given the unique characteristics of credit unions and the limits placed on member business loans (MBLs), the CFPB should seek to exempt credit unions from any future rulemaking that compels disclosure of business loan information.” 15SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img

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