The Bureau of Consumer Financial Protection has several ways in which it can assist the credit union industry in complying with regulatory requirements, CUNA wrote in its comprehensive white paper to the bureau. CUNA submitted a copy of its white paper in response to the bureau’s request for information on guidance and implementation support.
“The past several years has seen a massive increase in consumer financial services regulations. The increase in regulations is particularly burdensome for credit unions which, unlike massive banks, do not have dozens of legal experts in house to assist with compliance questions,” reads the white paper.
To enhance the bureau’s ability to assist the industry with consumer financial services rules and requirements, CUNA recommends the bureau: