Credit union regulatory relief is top concern from Congress about CFPB rules

Recently the Consumer Financial Protection Bureau (CFPB) has received several partisan letters from Congress about its rulemakings; however, the need for reducing regulatory burden is the only issue addressed by a supermajority of 399 Members of Congress. The recent letter was sent by hundreds of representatives from both parties asking the CFPB to use its exemption authority to ease regulatory burden on credit unions.

CUNA believes the distinction of having overwhelming support for this letter, compared with others, sends a strong message to the CFPB that regulatory relief, and tailoring rulemakings to have as little impact on consumer-friendly actors such as credit unions, is top of mind for Congress and the consumers who elected them.

“We’re grateful to the 75% of Congress that reached out to CFPB Director Richard Corday to stress the importance of tailoring rules to focus on problem actors, and to relieve credit unions and their members from the adverse impact of overly broad rules,” said CUNA Chief Advocacy Officer Ryan Donovan. “In a time when compromises can be hard to come by, we’re thankful that such a large majority of both parties grasp the importance of not-for-profit, member-owned financial institutions providing access to financial services.

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