Credit union priorities were discussed during Consumer Financial Protection Bureau (CFPB) Acting Director Mick Mulvaney’s second day of testimony before Congress Thursday, this time before the Senate Banking Committee. Mulvaney appeared before the House Financial Services Committee Wednesday, and both sessions featured Mulvaney and legislators’ thoughts on the future of the CFPB and its role.
These hearings were Mulvaney’s first as acting CFPB director, a position he was named to by President Donald Trump in November.
Mulvaney reaffirmed his support for several issues that align with CUNA’s goals for the bureau under the Campaign for Common-Sense Regulation.
"CUNA appreciated the Director's remarks about the need to focus on bad actors and his support of a multi-member, bipartisan commission," said President/CEO Jim Nussle. "Credit unions offer consumers access to safe and affordable financial services, and our members stand ready to work with Congress and the CFPB to ensure that consumers have adequate protections in law and regulation."
CUNA sent letters for the record of both the House and Senate hearings, outlining how bureau actions have harmed credit unions and the members they serve, and offering ways the bureau can remove barriers to allow credit unions to better serve consumers.