The National Association of Federally-Insured Credit Unions (NAFCU) EVP of Government Affairs and General Counsel Carrie Hunt issued the following statement after the Bureau of Consumer Financial Protection (Bureau) Acting Director Mick Mulvaney announced the agency’s intention to define what practices qualify as “abusive” under its UDAAP authority:
“Regulation by enforcement is the equivalent of playing Guess Who for financial institutions. To effectively and properly serve consumers, credit unions need clarity and consistency in the laws and regulations they are required to follow. Otherwise, credit unions as well as all financial institutions will be left spinning their wheels trying to keep up with evasive and ever fleeting regulatory checkpoints,” says Carrie Hunt, NAFCU’s EVP of Government Affairs and General Counsel.
“The Bureau’s decision to clearly define what practices qualify as ‘abusive’ under their UDAAP authority is long overdue and will go a long way towards ensuring smart and effective regulation. We thank Acting Director Mulvaney for his efforts.”