National Association of Federally-Insured Credit Unions President and CEO Dan Berger today thanked Rep. Andy Barr, R-Ky., for recognizing the negative impact the CFPB's remittance rules are having on credit unions and servicemembers during today's House Financial Services Committee hearing on bureau activities.
"We thank Rep. Barr for his leadership and his recognition of the problems faced by credit unions under the CFPB's onerous rules," said Berger. "NAFCU continues to urge the CFPB to use the authority it has under Section 1022 of the Dodd-Frank Act to exempt credit unions from rules aimed at reining in the bad actors who gave us the financial crisis. Lawmakers and regulators – including the CFPB – have agreed that credit unions did not cause the crisis. NAFCU looks forward to working with both to help bring credit unions regulatory relief so they have the flexibility they need to meet the needs of their member-owners."