CUNA President/CEO Jim Nussle highlighted the need for common-sense relief in a letter to the editor published in USA Today Sunday. Weighing in on the debate over the future of the Consumer Financial Protection Bureau (CFPB), Nussle lamented the effects of one-size-fits-all regulation.
“The current regulatory environment treats Wall Street and Main Street the same,” Nussle wrote. “A system that doesn’t affect the big banks but forces credit unions to withdraw consumer-friendly products from the marketplace, surely wasn’t an outcome policymakers had in mind when creating the CFPB.”
He also added that while the CFPB’s efforts to help consumers is a good thing, credit unions save their members billions of dollars each year.
“It’s commendable that the CFPB has achieved $11.8 billion in relief for 29 million consumers over the past nearly six years,” Nussle wrote. “But credit unions deliver roughly $10 billion in savings to more than 100 million consumer members each year. Those savings are in jeopardy under a one-size-fits-all regulatory climate.”