WASHINGTON (3/16/16)--While the Consumer Financial Protection Bureau (CFPB) acknowledges credit unions serve their members well, the bureau’s activity does not match this understanding, the Credit Union National Association (CUNA) wrote to Congress Tuesday. In a letter sent for the record of today’s House Financial Services Committee hearing with CFPB Director Richard Corday, CUNA wrote to the committee with its concerns about the bureau’s actions.
“Credit unions share the same goal of protecting consumers as the CFPB; they exhibit this by putting their members first and offering safe and affordable financial services. Credit unions serve their members in good times and bad, and according to Consumer Reports, consumer satisfaction with credit unions rates among the highest-rated services ever evaluated,” the letter reads. “In an ideal world… CFPB rules would not make it more difficult or expensive for credit unions to serve their members. Unfortunately, we do not live in such a world.”
CUNA goes on to highlight the more than 200 regulatory changes resulting from the financial crisis that affect credit unions, which were not the cause of the crisis.
“Compliance burdens resulting from rule changes impede credit union employees from serving members, and strain credit union resources,” the letter reads. “As a result, credit union products subject to new or modified regulations are often more expensive and less available to members than they were prior to the financial crisis.”
Leading up to today’s hearing, CUNA, state leagues and credit unions helped coordinate efforts to send a letter signed by 329 members of Congress to Cordray calling on him to use the bureau’s authority to protect credit unions from regulatory burden.
The hearing is scheduled to begin at 10 a.m. (ET), and will be streamed live.