CUNA wrote Monday in support of a bill that would exempt financial institutions with under $50 billion in assets from Consumer Financial Protection Bureau (CFPB) rulemakings. Rep. Roger Williams (R-Texas) introduced the bill.
“While we believe that the statute presently provides the CFPB authority to exempt credit unions under $50 billion from its rulemaking, the bureau has been unwilling to effectively use the exemption authority,” wrote CUNA President/CEO Jim Nussle. “Although we have a few technical concerns with the bill, we support what it is trying to do and we commit ourselves to working with you and your staff as it moves through the legislative process.
“Further, CFPB leadership has indicated to credit unions on several occasions, mostly recently last week, that it would embrace legislation providing further clarity on the bureau’s exemption authority,” Nussle added.
Getting the CFPB to use its statutory exemption authority is a primary goal of CUNA’s Campaign for Common-Sense Regulation, launched this year. The campaign aims to combat the regulatory system that favors large banks and other abusers of consumers.
“Consumers are harmed by this rigged system when the rules prompt any credit union to reduce or revoke services because they are robbed of safe and affordable financial services provided by a cooperative financial institution that they own,” Nussle wrote.