Sen. John Kennedy (R-La.) introduced a bill this week to exempt credit unions and community banks with less than $10 billion in assets from the Dodd-Frank Act. While CUNA believes there are some positive aspects to the bill, there are also concerning provisions.
When introducing the bill, Kennedy said he recognized credit unions were not responsible for the financial crisis and are “wrongly bearing the brunt of the regulatory burden” imposed by the Dodd-Frank Act.
CUNA has argued that all credit unions should be exempt from certain CFPB rules, that should instead be tailored to the abusers of consumers. They have also supported a significantly increased CFPB supervisory threshold for credit unions.
CUNA recently outlined a series of regulatory relief proposals to the Senate Banking Committee, and is engaged with a number of pieces of regulatory relief legislation in both the House and Senate.
CUNA President/CEO Jim Nussle has pledged to work with lawmakers “to ensure the legislation ultimately enacted into law meaningfully reduces credit unions’ regulatory burden and maintains important consumer protections.”
CUNA wrote in support of bill introduced in March by Rep. Roger Williams (R-Texas) that would exempt financial institutions with under $50 billion in assets from CFPB rulemakings.