by: Tim Devaney
Credit unions are calling for “regulatory relief” from the new Republican-controlled Congress.
The National Association of Federal Credit Unions (NAFCU) signaled its discontent with heavy-handed regulations from the Obama administration’s top consumer financial watchdog in a letterto top lawmakers.
The Consumer Financial Protection Bureau (CFPB) should focus its regulatory efforts on large systemic banks, rather than “good actors” like federal credit unions, NAFCU President Dan Berger wrote.
“NAFCU was the only credit union trade association to oppose the Consumer Financial Protection Bureau having rulemaking authority over credit unions, Berger wrote. “Unfortunately, many of our concerns about the increased regulatory burdens that credit unions would face under the CFPB have proven true.”
The letter to Senate Majority Leader Mitch McConnell (R-Ky.), Senate Minority Leader Harry Reid (D-Nev.), House Speaker John Boehner (R-Ohio) and House Minority Leader Nancy Pelosi (D-Calif.) lays out the credit union association’s legislative priorities for the new Congress.
Chief among them was tackling “overregulation” from the Obama administration.
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