CUNA: Letter to House Financial Services Committee in advance of tomorrow’s hearing with CFPB Director Cordray

WASHINGTON, DC (March 16, 2016)

March 15, 2016

The Honorable Jeb Hensarling
Committee on Financial Services
U.S. House of Representatives
Washington, DC 20515

The Honorable Maxine Waters
Ranking Member
Committee on Financial Services
U.S. House of Representatives
Washington, DC 20515

Dear Chairman Hensarling and Ranking Member Waters:

On behalf of the Credit Union National Association (CUNA), thank you for holding tomorrow’s hearing entitled, “The Semi-Annual Report of the Bureau of Consumer Financial Protection.” CUNA represents America’s credit unions and their more than 100 million members. We respectfully ask that this letter be included as part of the record of the hearing.

The Consumer Financial Protection Bureau Acknowledges Credit Unions Serve Their Members Well but the Bureau’s Activity Does Not Match This Understanding

Consumer Financial Protection Bureau (CFPB or Bureau) Director Richard Cordray recently spoke before CUNA’s Governmental Affairs Conference.1 Addressing the nearly 5000 credit union advocates assembled at the conference, he said that he is aware that credit unions “made consumer protection ‘job one’ long before our agency came to be.” He added that,

“We know that credit unions were not a culprit in the recent financial crisis… Credit unions did not underwrite the bad loans that sank the housing market. On the contrary, you upheld sound underwriting standards to protect consumers, even as it cost you customers and market share went to financial predators that circled those troubled waters. Your early warnings should have been heeded.”

To read more, click here.

About CUNA

Credit Union National Association (CUNA) is the only national association that advocates on behalf of all of America’s credit unions, which are owned by 135 million consumer members. CUNA, along with its network of affiliated state credit union leagues, delivers unwavering advocacy, continuous professional growth and operational confidence to protect the best interests of all credit unions. For more information about CUNA, visit To find your nearest credit union, visit


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