WASHINGTON, DC (March 15, 2016) — The National Association of Federal Credit Unions (NAFCU) today lauded the efforts of Reps. Adam Schiff, D-Calif., and Steve Stivers, R-Ohio, in leading a bipartisan group of 329 House members in urging CFPB Director Richard Cordray in a letter today to use its Dodd-Frank Act authority to exempt credit unions from certain rulemakings.
The bipartisan letter praises credit unions and community banks for their focus on local lending and community development. The signers urge Cordray to use CFPB’s authority under Section 1022(b)(3)(a) in the Dodd-Frank Act to adapt regulations by exempting “any class” of entity from its rulemakings.
“We thank Representatives Schiff and Stivers for their leadership on this issue, as well as all of the members of Congress that signed the letter for their recognition of the overwhelming regulatory burden facing today’s credit unions,” said NAFCU Vice President of Legislative Affairs Brad Thaler.
In a message to House members last month, Thaler said, “Exempting credit unions from rulemakings intended for larger financial institutions would result in significant, immediate regulatory relief that would allow credit unions to better serve their members.”
NAFCU was the only credit union trade association to oppose CFPB having rulemaking authority over credit unions.
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.
