CFPB, NCUA overreach threatens credit unions

Credit unions are operating in an increasingly burdensome regulatory environment. News this week related to the CFPB and NCUA has reinforced the mission of America’s Credit Unions: to advocate for and advance an environment where credit unions thrive.

Yesterday, the U.S. Supreme Court released its decision that the CFPB’s funding structure is constitutional. With that holding, now the CFPB has even less accountability than the NCUA—which can spend whatever credit union money it wants. At least the NCUA gives credit unions the chance to provide some public feedback.

The bureau’s unchecked actions continue to impact credit unions and their 142 million members, and we strongly believe that the CFPB’s current funding structure lacks accountability to Congress and the consumers the bureau is tasked with serving. America’s Credit Unions will continue to advocate for accountability and transparency at the bureau, as well as push back against the CFPB’s continued regulatory overreach.


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