Written by Steve Van Beek
NCUA recently announced a series of listening sessions that will be conducted throughout the country. Here is a snapshot of the dates and locations:
Yesterday, the CFPB announced it had filed an amicus brief (Wikipedia.org) in an ongoing case regarding the right of rescission under the Truth in Lending Act. The CFPB's press release can be found here and the actual brief is here.
While the issues in the case are very important, equally important is the additional information about the CFPB's intent as a regulator. The press release indicates the CFPB will continue to be an active participant in lawsuits in order to protect consumer rights:
"The CFPB is committed to filing amicus briefs in litigation involving the federal consumer financial protection laws that it oversees and in which the CFPB determines its views will assist the courts in correctly resolving the matters. Amicus briefs are an important way for the CFPB to ensure that the statutes it oversees are correctly and consistently interpreted by the courts, even in cases in which the CFPB is not itself a named party."
I hinted at this on Monday - but it does seem the only thing missing from the CFPB's regulatory toolbox is actual guidance or clarity to the entities it regulates. Wouldn't that be something, huh?
NAFCU Members: Our Regulatory Alert on the CFPB's Overdraft Inquiry (12-EA-07) is available. Please consider providing your feedback and comments to help NAFCU draft our comment letter to the CFPB. Comments are due to NAFCU by April 6th.