WASHINGTON (10/6/15)--The Consumer Financial Protection Bureau (CFPB) should become a positive force for credit unions, the bureau told CUNA in a meeting last week. CUNA followed up the meeting with a letter Monday highlighting credit union issues.
“We agree with your comments that the CFPB should become a positive force for credit unions. We believe this result is achievable if the CFPB focuses rulemaking and enforcement on the irresponsible actors in the industry, so the good actors, such as credit unions, are not negatively impacted by regulatory and compliance burden,” Nussle wrote. “We strongly encourage the CFPB to apply a deft hand in future rulemakings and to tailor regulatory requirements so credit unions are not inadvertently impacted.”
CUNA stated during the meeting that focused rulemaking is particularly achievable in future CFPB rulemakings on small-dollar loans, debt collection and overdraft protection. Credit unions tend to get positive reports in those areas compared to other financial institutions, and therefore are not responsible for causing harm to consumers.
“We urge you to consider the already inherent consumer-centered objective of credit unions and to provide appropriate exemptions for them as you move forward with these rulemakings,” Nussle wrote.
During the meeting CUNA also addressed: