CUNA’s Jim Nussle’s letter to CFPB: Freeze all rulemakings except reg relief
WASHINGTON, DC (November 14, 2016) — The Honorable Richard Cordray
Consumer Financial Protection Bureau
1275 First Street NE
Washington, DC 20002
Dear Director Cordray:
On behalf of America’s credit unions, I am writing to urge the Consumer Financial Protection Bureau (CFPB) to impose an immediate moratorium on all of its pending and future rulemakings, other than those providing corrective regulatory relief. The Credit Union National Association (CUNA) represents America’s credit unions and their more than 100 million members.
This week, American voters delivered an important message: they do not feel their voice is being heard by federal policymakers and they want that to change. Many of these consumers continue to face financial challenges in their everyday life and are seeking solutions for their financial needs. Policies coming out of Washington that limit consumers’ ability to obtain safe credit, or make it difficult and more expensive to access products and services from their community financial institution such as their credit union, are not making their lives better.
Unnecessary, overly burdensome, and duplicative regulations keep consumers from fully accessing the high-quality products and services that credit unions provide. Too many resources credit unions would otherwise apply to more fully serving their members are spent on complying with broad sweeping rules that should instead be focused on those abusing consumers. In 2014, the total financial impact of regulations and lost revenue on credit unions was $7.2 billion – a cost coming out of the pockets of consumers across America.
Credit unions were created to promote thrift and provide access to credit for provident purposes to consumers and small businesses. They provide Americans solutions to financial challenges by offering fair and affordable financial services and financial education. Unfortunately, CFPB rulemakings on mortgage reporting, underwriting and servicing, remittances, and other already consumer friendly credit union financial products has stifled credit unions’ ability to effectively and efficiently serve their members. In particular, these rules have impeded credit unions’ ability to serve members with lower credit scores, or those facing financial difficulties.
In light of this and the upcoming change in administration, we urge the Bureau to cease its pending rulemaking affecting credit unions.
President & CEO
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 cuna.org. To find your nearest credit union, visit YourMoneyFurther.com.