CUNA wrote to Mick Mulvaney, who was named interim Consumer Protection Bureau (CFPB) director, Monday morning to outline ways the bureau could provide credit unions with regulatory relief. Mulvaney was named acting director by President Donald Trump Friday, and CUNA continues to follow leadership developments at the bureau.
“America’s credit unions value the CFPB's mission…unfortunately, credit unions’ ability to provide their top quality and consumer-friendly financial products and services has been significantly impeded over the last several years under the CFPB's jurisdiction,” wrote CUNA President/CEO Jim Nussle. “This fact is due to the CFPB's overly broad rules that have imposed additional requirements on credit unions for the mistakes and irresponsible practices of other industry stakeholders.
To address this situation, Nussle urged new CFPB leadership to take the following actions moving forward: