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News Now

Washington
CFPA up for Oct. 14 committee vote
WASHINGTON (10/9/08)—The discussion draft of the Consumer Financial Protection Agency (CFPA) Act of 2009 (H.R. 3126) is among four bills slated for a vote by the House Financial Services Committee on Oct. 14. Also on the committee’s list: H.R. 3606, to amend the Truth in Lending Act to make a technical correction to an amendment made by the Credit CARD Act of 2009. In a recent letter, the Credit Union National Association (CUNA) urged lawmakers to support H.R. 3606, introduced by Rep. Peter Welch (D-Vt.). The legislation would change troublesome Section 106 of the CARD Act, a provision that prohibits creditors from treating payments as being late unless the creditor adopts reasonable procedures to ensure that periodic statements are mailed or delivered to the consumer no later than 21 days before the payment due date. Regarding the CFPA proposal, CUNA has expressed credit union concerns to legislators over the examination and enforcement authorities that could be conveyed to the CFPA. CUNA also seeks clarification that the chairman of the National Credit Union Administration will be given a seat on the CFPA Oversight Board and direction that the CFPA director would take into account disclosure requirements under other laws in order to enhance consumer compliance and reduce regulatory burden. Also up for a committee vote next Wednesday are:
* Discussion draft of the Over-the-Counter Derivatives Markets Act of 2009; and * H.R. 3763, to amend the Fair Credit Reporting Act to provide for an exclusion from Red Flag Guidelines for certain businesses.


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