CUNA's call for the Consumer Financial Protection Bureau (CFPB) to halt all rulemaking activity was addressed in The Hill over the weekend, as part of coverage of President Donald Trump’s regulatory freeze. CUNA wrote to the bureau in the wake of November’s election calling for the freeze, and reiterated the call after Trump issued his freeze hours after being inaugurated.
“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,” Nussle wrote.
CFPB Director Cordray has indicated the bureau is currently analyzing how Trump’s directive applies to an independent agency such as the CFPB.
CUNA’s efforts to secure regulatory relief from CFPB rulemakings are a crucial aspect of its Campaign for Common-Sense Regulation, launched at the beginning of the year.
“When the dust settled after the elections, credit unions were left with a pretty favorable political environment for reducing regulations. This is something we can’t take for granted, which is why hammering overregulation will be the central focus of our advocacy work,” Nussle said at the campaign’s launch. “We feel that, with full buy-in from the entire credit union industry, including our member-consumers, we have a huge opportunity to make changes that will shake credit unions free from cumbersome regulations so they can really thrive.”