CUNA submitted a letter to the Consumer Financial Protection Bureau (CFPB) Thursday, detailing the numerous ways agency rulemakings have affected, and in many cases harmed, credit unions, their members and consumers. The letter also includes recommendations on how the bureau can improve its regulations to provide relief to credit unions and their members.
“We urge the bureau to take immediate action to implement our suggestions for the protection of credit union members, who have fewer choices and are incurring increased costs from CFPB rules,” said Jim Nussle, CUNA president/CEO. “CUNA, our state league partners, and credit unions—the original consumer protectors—stand willing to provide the CFPB any further details or analysis necessary to achieve regulatory relief, the ultimate goal of our Campaign for Common-Sense Regulation."
“The CFPB continues to cite the very minimal accommodations it has made in some rules for credit unions. However, in practicality credit unions’ ability to provide top-quality and consumer-friendly financial products and services has been significantly impeded by a one-size-fits-all regulatory scheme that favors large banks and less regulated nonbank lenders who have more resources for overly complex compliance requirements, that should instead be tailored to address problem actors.
Specifically, the letter outlines:
The letter also includes detailed recommendations for how the CFPB can improve its work on: