Additional CFPB relief would help CUs continue to assist members

CUNA’s continued outreach and engagement with credit unions and other stakeholders resulted in a letter to Consumer Financial Protection Bureau (CFPB) Director Kathy Kraninger Wednesday detailing additional policy recommendations to help credit unions continue to provide high-quality financial services to members affected by the coronavirus disease (COVID-19) crisis.

“While the COVID-19 pandemic has dramatically changed almost every aspect of everyday life, credit unions are standing true to their mission and continuing to assist their members and communities,” the letter reads. “Any regulatory relief the CFPB can provide for credit unions will greatly help in their efforts to serve their consumers.”

Wednesday’s letter follows up two previous letters from CUNA to Kraninger, one requesting remittance flexibility and one with a set of recommendations.

Recommendations include:


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