260+ House members to urge CFPB to exempt credit unions

Reps. Adam Schiff, D-Calif., and Steve Stivers, R-Ohio, will soon be submitting a letter – signed by a bipartisan group of more than 260 House members – to CFPB Director Richard Cordray urging him to use the bureau’s Dodd-Frank Act authority to exempt credit unions from certain rulemakings.

NAFCU expects the letter to be sent to Corday within the next couple days.

The letter praises credit unions and community banks for their focus on local lending and community development. The signers will urge Cordray to use CFPB’s authority under Section 1022(b)(3)(a) in the Dodd-Frank Act to adapt regulations by exempting “any class” of entity from its rulemakings.

In a message to House members last month, NAFCU Vice President of Legislative Affairs Brad Thaler said, “Exempting credit unions from rulemakings intended for larger financial institutions would result in significant, immediate regulatory relief that would allow credit unions to better serve their members.”

continue reading »