The 115th Congress should return to common-sense regulation of credit unions, balancing safety, soundness, consumer protection and members’ needs, CUNA President/CEO Jim Nussle wrote Tuesday. In a letter addressed to all members of the Senate and House, Nussle outlined CUNA’s regulatory relief priorities in the new Congress.
“One-size-fits-all does not work for Main Street--local credit unions, small banks and the consumers and small businesses they serve. It has created a rigged system favoring the largest institutions that can afford to comply with these new, complex regulations,” Nussle wrote. “Credit union members themselves feel the adverse impact of this rigged system when basic financial services offered by credit unions become less available and more expensive.”
Nussle added that credit union CEOs tell CUNA that a reduction in regulatory burden would result in more resources allocated to better member pricing, better service delivery and strengthening their institutions, all of which would benefit consumers.
The letter urges Congress to enact legislation modernizing the Consumer Financial Protection Bureau (CFPB), and addresses problems that several of its final and pending rules have presented credit unions and their members.
CUNA launched its Campaign for Common-Sense Regulation to kick off 2017, and Nussle spoke with News Now about the opportunity credit unions have to reduce the regulatory burden.