5 things to know this week

NAFCU’s widely-read NAFCU Today is credit union leaders’ go-to source for the latest on issues impacting the credit union industry. For those short on time, here’s a roundup of this week’s top need-to-know updates and resources.

CFPB launches new tool for public petitioning

The CFPB Wednesday launched a new tool to facilitate meaningful public engagement with the bureau. The tool allows members of the public to submit petitions for rulemaking directly to the CFPB. Each petition will be posted on public dockets for review and comment, aiming to make it easier for individuals to request that the bureau pursues, amends, or repeals a rule.

Read more about the rulemaking petitions process, including how and where to submit petitions and comments on petitions.

NCUA alerts CUs of CFPB’s TILA annual adjustments

The NCUA detailed the CFPB’s annual adjustments for asset-size exemption thresholds under the Truth in Lending Act (TILA), as implemented by Regulation Z, in a new Regulatory Alert to credit unions. The annual adjustments – which became effective Jan. 1, 2022 – specify that creditors with assets of less than $2.336 billion (including assets of certain affiliates) on Dec. 31, 2021, are exempt from the requirement to establish escrow accounts for higher-priced mortgage loans in 2022 if other provisions of Regulation Z are also met. View the NCUA’s Regulatory Alert.

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