As new Congress convenes, credit union trades paint target on CFPB

As congressional Republicans attempt to loosen federal regulations, credit union trade organizations are urging them to paint a target on one particular agency: the CFPB.

With the 115th Congress convening this week, both trade groups outlined their legislative goals for the next two years.

“Congress should enact legislation to clarify that credit unions are exempt from CFPB rules unless the CFPB demonstrates credit unions are causing consumer harm,” CUNA President/CEO Jim Nussle, said in a letter Monday to members of Congress.

NAFCU agreed, but said that the agency should use the authority it already has to exempt credit unions from its rules.


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