NAFCU: Cordray’s exemption response ‘fell short’

NAFCU Vice President of Legislative Affairs Brad Thaler on Monday said CFPB Director Richard Cordray’s response to a call for regulatory exemptions for credit unions “fell short” of addressing the industry’s concerns.

In light of that, Thaler urged Sens. Joe Donnelly, D-Ind., Ben Sasse, R-Neb., and others to take action to give credit unions regulatory relief.

In a NAFCU-sought effort, Donnelly and Sasse led a group of 70 lawmakers from both parties in July to urge CFPB to provide credit unions relief through its authority to grant exemptions on a rule-by-rule basis to “any class” of entity from its regulatory requirements. The senators’ letter was similar to one sent to Cordray in March by a bipartisan group of 329 House members.

Cordray last week told the senators that CFPB already uses its Dodd-Frank Section 1022 authority to tailor regulation to smaller financial institutions.

continue reading »