WASHINGTON, DC (July 19, 2016) — National Association of Federal Credit Unions (NAFCU) today lauded the efforts of Senators Joe Donnelly, D-Ind., and Ben Sasse, R-Neb., in leading a bipartisan group of 70 senators to sign a NAFCU-supported letter that was delivered to CFPB Director Richard Cordray today urging him to use the bureau’s Dodd-Frank Act authority to exempt credit unions from certain rulemakings.
“We greatly appreciate Senators Donnelly and Sasse for their bipartisan leadership, and all of the senators who signed the letter. Their consideration of the tremendous regulatory burden facing today’s credit unions is invaluable,” said NAFCU President and CEO Dan Berger. “The solid support by the majority of Senators, in conjunction with the 329 House members who sent Director Cordray a similar letter earlier this year, unequivocally affirms Congress’ intention for CFPB to use its Dodd-Frank Act exemption authority to better tailor its rules to credit unions.”
NAFCU was the only credit union trade association to oppose subjecting credit unions to CFPB authority under Dodd-Frank. The association maintains that CFPB should exercise its authority to exempt credit unions from regulations aimed at bad actors.
The senators’ letter is similar to the one sent to Cordray in March by a bipartisan group of 329 House members.
The National Association of Federally-Insured Credit Unions is the only national trade association focusing exclusively on federal issues affecting the nation’s federally-insured credit unions. NAFCU membership is direct and provides credit unions with the best in federal advocacy, education and compliance assistance. For more information on NAFCU, go to www.nafcu.org or @NAFCU on Twitter.
