The National Association of Federally Insured Credit Unions (NAFCU) is seeking feedback from member credit unions on the Consumer Financial Protection Bureau’s (CFPB) inherited regulations.
Inherited regulations are related to rulemaking authorities transferred to the bureau from other federal agencies by the Dodd-Frank Act.
Last month, the CFPB issued the request for information (RFI) on its inherited regulations and inherited rulemaking authorities.
“The bureau is seeking comments and information from interested parties to assist the bureau in considering whether it should amend the regulations or exercise the rulemaking authorities that it inherited from other federal government agencies,” the CFPB’s request stated. “This is the ninth in a series of RFIs announced as part of Acting Director Mick Mulvaney’s call for evidence to ensure the Bureau is fulfilling its proper and appropriate functions to best protect consumers,”
Credit unions can offer suggestions on which inherited regulations should and should not be modified through NAFCU’s Regulatory Alert publication. Further, credit unions can offer suggestions on which regulations could be better tailored for the credit union industry. Also, member credit unions can comment on whether the changes to inherited regulations would help the CFPB better meet its statutory objectives.
Credit unions can submit comments through NAFCU’s Regulatory Alert between now and June 8. Comments on this RFI are due back to the CFPB by June 25.