CUNA is closely monitoring the leadership situation at the Consumer Financial Protection Bureau (CFPB), and will continue its work to push for regulatory relief for credit unions during the transition process.
CFPB Director Richard Cordray named Leandra English deputy director before resigning Friday, and indicated English would become acting director upon his resignation. However, President Donald Trump named Office of Management and Budget Director Mick Mulvaney as interim head of the bureau Friday.
“CUNA is committed to working with CFPB leadership to address concerns over the bureau’s one-size-fits-all style of rulemaking and to move towards an approach that recognizes the consumer protections credit unions provide, while continuing to address abusers of consumers,” said CUNA President/CEO Jim Nussle. “The fact that there is even a shadow of doubt about who is succeeding Richard Cordray as director is strong evidence that the current CFPB leadership structure is flawed. If there was a commission in place at the CFPB, this would not be an issue at all.”
CUNA has strongly pushed for a bipartisan, five-person commission to lead the bureau, and such a change to the CFPB’s structure is one of the goals in CUNA’s bipartisan, pro-consumer Campaign for Common-Sense Regulation, launched earlier this year.