CUNA Letter to the House Financial Services Committee Ahead of CFPB Hearing

FOR IMMEDIATE RELEASE    

CONTACT: Lauren Williams – CUNA Communications; (202) 626-7642; lwilliams@cuna.coop     

Washington, D.C. (April 9, 2018) – This afternoon Credit Union National Association sent this letter to the House Financial Services Committee prior to Director Mulvaney’s testimony for the hearing entitled, “The 2018 Semi-Annual Report of the Bureau of Consumer Financial Protection.” 

As member-centric financial cooperatives, credit unions acknowledged that consumers may need additional consumer protection targeted toward Wall Street banks and abusers of consumers. However, the direct impact of CFPB rules, like the remittance rule and various mortgage rules, have driven credit unions to leave markets or reduce their offerings.

This letter from CUNA goes in greater detail regarding how past actions by the CFPB have harmed credit unions’ ability to serve their members, the immediate steps the Bureau should take under its present structure to reset its focus on abusers of consumers, and the statutory reforms necessary to ensure that consumers are well protected in the financial marketplace.

The following key points are addressed:

• Past CFPB Actions Have Harmed Credit Unions’ Ability to Serve their Members
• Credit Unions’ Vision for the CFPB under New Leadership
• CUNA Continues to Support a Commission, Rather than a Single Director Structure for CFPB Leadership

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About CUNA:       

Credit Union National Association (CUNA) is the only national association that advocates on behalf of all of America’s credit unions, which are owned by 110 million consumer members. CUNA, along with its network of affiliated state credit union leagues, delivers unwavering advocacy, continuous professional growth and operational confidence to protect the best interests of all credit unions. For more information about CUNA, visit cuna.org