Congressional leaders are urging the Obama administration to hold off on substantial policymaking post election. On Nov. 11, CUNA President/CEO Jim Nussle also urged Consumer Financial Protection Bureau (CFPB) Director Richard Cordray to impose an immediate moratorium on pending and future bureau rulemakings.
In his letter, Nussle said policies that create challenges in accessing safe financial products from credit unions and other small financial institutions are not making consumers’ 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.”
This week, House Majority Leader Kevin McCarthy (R-Calif.), with every House Committee Chairman, sent a letter to agency leaders urging them not to rush through any rules prior to the end of President Obama's administration.
The letter outlines the impact of aggressive policymaking on the economy, consumers, and businesses. It specifically noted that pushing through final rules without proper cost and benefit analysis could harm consumers and businesses.
Congress is out this week, but for more on what is going on in Washington, D.C., CUNA members can check out the CUNA Advocacy Update by Chief Advocacy Officer Ryan Donovan.