CUNA wrote to Consumer Financial Protection Bureau (CFPB) Director Richard Cordray Friday urging the bureau to impose an immediate moratorium on all of its pending and future rulemakings. CUNA has called for such an action since the election, and believes that a directive issued by President Donald Trump is consistent with CUNA’s request.
“With the new administration having taken office, and in light of both the recent ruling in the PHH case as well as the president’s directive for a government-wide freeze on regulations, we expect the bureau will suspend rulemaking activity that creates new burdens for credit unions and other providers,” CUNA President/CEO Jim Nussle wrote. “A moratorium will give credit unions time to catch up with all of the recently imposed requirements and it will give the bureau time to figure out how to focus its rules on Wall Street and get out of the way of Main Street.”
CUNA launched its Campaign for Common-Sense Regulation earlier this year, a bipartisan, pro-consumer effort designed to benefit the financial services marketplace by allowing credit unions to better serve their members.
The campaign has a number of legislative and regulatory goals, including changes to the CFPB that includes broadening and clarifying the statutory ability of the bureau to exempt credit unions from certain regulations.
“Credit unions accept that they must operate in a regulated environment. But the one-size-fits-all regulation coming out of the CFPB for the last 6 years has not worked for Main Street—local credit unions, small banks and the consumers and small businesses they serve,” Nussle wrote.