Looking toward future rulemakings by the Consumer Financial Protection Bureau, CUNA’s Deputy Chief Advocacy Officer Elizabeth Eurgubian says the agency needs to use its general authority to ensure credit unions aren’t adversely affected by rules intended to protect consumers.
Consumer Financial Protection Bureau Director Richard Cordray responded Friday to 329 legislators who wrote him calling for the bureau to use its exemption authority to achieve regulatory relief. While Cordray’s letter outlines some steps the bureau has taken to tailor its regulations, CUNA is calling for more substantive relief.
A bill to place the Consumer Financial Protection Bureau under the appropriations process is a “great regulatory relief opportunity for credit unions,” CUNA said Wednesday after the U.S. House Financial Services Committee passed the Taking Account of Bureaucrats’ Spending Act of 2015.
Placing the Consumer Financial Protection Bureau under the appropriations process is a step toward ensuring credit unions are not further burdened with regulations, CUNA President/CEO Jim Nussle wrote prior to today’s markup of Taking Account of Bureaucrats’ Spending Act of 2015.
CUNA reiterated points from its March 11 comment letter during this week's meeting with the Consumer Financial Protection Bureau regarding the Home Mortgage Disclosure Act and the bureau’s resubmission guidelines.
WASHINGTON (4/8/16)--Sen. Tim Scott (R-S.C.) expressed concern over the effects of regulation on credit unions and community banks to Consumer Financial Protection Bureau Director Richard Cordray Thursday, and CUNA took note of inaccuracies in Cordray’s response.
WASHINGTON (4/8/16)--CUNA continues to express disappointment in the Consumer Financial Protection Bureau’s hesitation to use its exemption authority, outlining a number of ways this hurts consumers in a letter Thursday. Sent for the record of CFPB Director Richard Cordray’s semiannual appearance before the Senate Banking Committee, CUNA's letter highlights the impact of regulatory burden, and the fact that those issues often seem to be dismissed or go unaddressed by the bureau.
WASHINGTON (4/7/16)--CUNA is monitoring cases in federal courts in Washington, D.C., challenging the Dodd-Frank Act, that could create important precedents for those under the jurisdiction of Dodd-Frank, and those looking to challenge it.
WASHINGTON (4/5/16)--CUNA has asked Congress to officially enter its groundbreaking regulatory burden study into the record for the U.S. Senate Banking Committee in advance of today’s hearing on the effects of consumer finance regulations. The hearing is one of two conducted this week by the Senate Banking Committee; the second will feature testimony from Consumer Financial Protection Bureau Director Richard Cordray.