CUNA President/CEO Jim Nussle wrote to Tresaury Secretary Steven Mnuchin Thursday, thanking him for conducting a roundtable discussions with credit unions earlier this month, and providing additional information about how regulations can be more manageable for credit unions. Treasury conducted the roundtable to gather information as it prepares a paper in response to President Donald Trump’s executive order on core financial regulation principles issued in February.

“Credit unions’ ability to provide safe and affordable financial services has been significantly impeded in the last several years by a regulatory scheme rigged to favor the large banks and non-bank financial services providers that can afford to absorb regulatory changes,” Nussle wrote.

The letter includes recommendations to streamline regulations for credit unions regarding:

• Consumer Financial Protection Bureau (CFPB) procedure and oversight;

 

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