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Cornerstone and CUNA Analyzing CFPB's Short-Term, Small-Dollar Rule
Friday, October 6, 2017 6:55 AM

Cornerstone Credit Union League and Credit Union National Association are analyzing the short-term, small-dollar loan rule just released by the Consumer Financial Protection Bureau. CUNA and Cornerstone had numerous concerns with the rule as originally proposed, not least of which was that it could rob consumers of safe and affordable alternatives to predatory loans.

CUNA has met with the CFPB to discuss concerns regarding the rule numerous times, most recently this week with top CFPB officials. CUNA and Cornerstone have in the past filed extensive comments outlining the problems with the original proposal. A number of individual credit unions and credit union members also expressed concerns to the CFPB about the proposed rule during the comment period. 

"The CFPB has indicated that they have heard the loud voices of America's credit unions and have made significant changes to its original proposal," said Ryan Donovan, CUNA's chief advocacy officer. "CUNA is closely analyzing the CFPB's small-dollar rule to assess exactly what it means for credit unions and their members." 

"Like CUNA, Cornerstone has met with CFPB several times on this issue over the past few years," said Suzanne Yashewski, Cornerstone's SVP regulatory compliance. "Our advocacy efforts brought about some positive changes, thanks to our credit unions and their comment letters. But more must be done, and we look forward to reviewing the CFPB's small-dollar rule for ways to improve the proposal for the benefit of credit unions."

CUNA raised its objections to the rule in Congressional testimony, letters to lawmakers, letters for the record of hearings and follow-up communications with the CFPB. A bipartisan group of representatives, many who serve on the House Financial Services Committee, also wrote to the CFPB with concerns. Other federal agencies, including the National Credit Union Administration and the Small Business Administration, shared concerns similar to CUNA’s. 

About CUNA 
Credit Union National Association (CUNA) is the only national association that advocates on behalf of all of America's credit unions, which are owned by 110 million consumer members. CUNA, along with its network of affiliated state credit union leagues, delivers unwavering advocacy, continuous professional growth and operational confidence to protect the best interests of all credit unions. For more information about CUNA, visit 
cuna.org.