The Bureau of Consumer Financial Protection should look closely at the impact its rule would have on credit unions and ways to reduce regulatory burdens, CUNA wrote to a House subcommittee Wednesday. CUNA’s letter was sent for the record of a House Financial Services subcommittee on financial institutions and consumer credit’s hearing titled “Improving Transparency and Accountability at the Bureau of Consumer Financial Protection.”
“The bureau, in its first several years of existence, missed opportunities to leverage credit unions’ mission and history to the benefit of consumers, and finalized regulations that harmed credit unions and their members,” the letter reads. “Consumers lose when one-size-fits-all rules force credit unions to pull back safe and affordable options from the market, pushing consumers into the arms of the providers engaged in the very activity that the rules were designed to curtail.
“Under its new leadership, the bureau has the responsibility to examine all aspects of its activity to ensure it is fulfilling its mission without impeding the delivery of safe and affordable financial services. We applaud the process the bureau is undertaking,” it adds.
CUNA also made the following suggestions, which are also available in greater detail in CUNA’s comprehensive white paper on the bureau’s activities: