As part of CUNA's coordinated advocacy efforts, the Consumer Protection Subcommittee is in Washington, D.C. this week to meet with regulators at the Consumer Financial Protection Bureau (CFPB) and NCUA.
Subcommittee members, representing credit unions from across the country, will express their concerns regarding increasing regulatory burden. They will recommend that credit unions receive broad and specific exemptions from rules and provisions that should instead be targeted to those engaging in problematic behavior in the marketplace.
“Credit union members across the country have been harmed by overbroad rulemakings that have made it more difficult and expensive to access already consumer friendly products and services from their credit union,” said CUNA Deputy Chief Advocacy Officer & Senior Counsel Elizabeth Eurgubian.
“This week, the Consumer Protection Subcommittee will convey concerns about this negative impact on their members to regulators at the CFPB and NCUA, and offer technical solutions for how the CFPB can more narrowly tailor rules to focus on consumer abuse, and provide exemptions to the financial institutions such as credit unions that have not been the problem actors.”
The subcommittee and CUNA staff will discuss the following with the federal regulators: