CUNA wrote House Financial Services Committee leadership Wednesday to support 8 regulatory relief bills the committee is marking up. The markup began Wednesday and is expected to continue until at least Thursday.
CUNA is especially supportive of the bipartisan Bureau of Consumer Financial Protection Examination and Reporting Threshold Act of 2017 (H.R. 3072), which would increase the CFPB supervision asset threshold for credit unions and banks to $50 billion, up from the current $10 billion.
“This bill is important because it will get the CFPB out of the doors of Main Street credit unions and into the doors of Wall Street and abusers of consumers,” said CUNA Chief Advocacy Officer Ryan Donovan. “It would allow the CFPB to focus its supervisory resources on institutions with a history of causing consumers problems, while leaving other financial institutions to the prudential regulators already in place.”
The bill was introduced by Reps. Lacy Clay (D-Mo.) and co-sponsored by Rep. Steve Stivers (R-Ohio).
Other CUNA-supported bills being marked up by the committee include: