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Latest Cornerstone Regulatory Grid Available Online
Tuesday, May 17, 2016 6:55 AM

The latest Cornerstone Credit Union league Regulatory Grid Summary is available online now. This informative summary gives you the most up-to-date details about current federal and state comment calls for proposed rules and regulations.

Noteworthy proposals include:

  1. FCC Telephone Consumer Protection Act and debt collection. Proposal is supposed to implement some exemptions, but agency construed them too narrowly to be much help. Due 6/6.
  2. CFPB Student Loan Borrower Communications. Not directly applicable to CUs (addresses federal loans) but could influence future regs on private student lending. Due 6/12.
  3. NCUA Occupancy Rule. Good proposal, provides more flexibility to FCUs. Due 6/27.
  4. NCUA Incentive Based Compensation Rule. Imposes restrictions and additional regulatory burdens (action was required by Dodd Frank). Due 7/22.
  5. CFPB Arbitration/Class Action Bans.  Would prohibit CUs from requiring arbitration clauses that ban class action suits. Date not set. Look for late summer, early fall.

Credit unions are encouraged to send their personalized comment letters to the appropriate agencies, outlining their personal experience surrounding the issues.

Don't forget to copy Suzanne Yashewski on your unique comment letters so we can track participation and formulate league letters that are best reflective of our members’ perspectives. If you have any questions about this summary or comment calls, contact Suzanne Yashewski at syashewski@cornerstoneleague.coop or 512-853-8516.