NAFCU Senior Regulatory Affairs Counsel Michael Emancipator on Friday urged NCUA to be more proactive in collaborating with CFPB and other regulators to ensure credit unions are not subject to conflicting or redundant regulation.

“Just over the past year, the Consumer Financial Protection Bureau (CFPB), Department of Defense (DoD), and the Financial Accounting Standards Board (FASB) have each moved forward in promulgating rules that significantly impact our members,” Emancipator wrote. “Unfortunately, many of these rules are redundant to other directives from the agency, or worse, improperly infringe on rulemaking authority congressionally granted to NCUA.

“For example, the CFPB’s recently proposed payday loan rule would alter important provisions in the agency’s Payday Alternative Loan (PAL) program, which was designed specifically to combat the types of loans and bad practices that the bureau is trying to eliminate,” he continued.

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