CFPB (Ch. 1)

Question 1

What are the CFPB’s objectives?

Answer 1

• To ensure consumers have timely and understandable information to make responsible decisions about financial transactions
• To protect consumers from unfair, deceptive or abusive acts or practices, and from discrimination
• To reduce outdated, unnecessary or unduly burdensome regulations
• To promote fair competition by consistent enforcement of the consumer protection laws in the bureau’s jurisdiction
• To encourage markets for consumer financial products and services that operate transparently and efficiently and to facilitate access and innovation

Question 2

Are credit unions subject to the CFPB’s Regulation DD?

Answer 2

No. Credit unions need to comply with the agency’s version of Truth in Savings rather than CFPB’s Reg DD.

Question 3

How do the CFPB’s authority and objectives impact credit unions?

Answer 3

All credit unions need to comply with the bureau’s regulations, regardless of the size of the credit union.

• Not all regulations will apply to credit unions or all credit unions
• Credit unions with more than $10 billion in assets will be examined for compliance by the CFPB directly
• NCUA or the credit union’s state regulator will examine for compliance with the CFPB’s regulations