NAFCU’s Alexander Monterrubio, during a recent interview with CUbroadcast’s Mike Lawson, said the current regulatory outlook seems positive for credit unions as the CFPB and NCUA focus on reviewing and tailoring regulations.
Monterrubio, NAFCU’s director of regulatory affairs, provided an update on efforts at the CFPB with Acting Director Mick Mulvaney now in charge. Monterrubio told Lawson he expects the bureau to offer more substantive guidance on regulations, and for it to “take into account credit unions’ and other financial institutions’ feedback on rulemakings.”
He also noted the series of requests for information (RFI) the bureau is issuing in order to review its functions. Monterrubio encouraged credit unions to provide input on the RFIs to the CFPB and NAFCU to help the bureau improve and make sure credit unions’ concerns are heard.
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