Credit unions’ member-centric focus means that they approach consumer regulation differently than other market participants, CUNA President/CEO Jim Nussle wrote to the Senate Banking Committee Wednesday.
CUNA sent its letter for the record of the committee’s hearing featuring CFPB Acting Director Mick Mulvaney a day after he testified before the House Financial Services Committee. Mulvaney’s testimony Wednesday covered a number of important CUNA and credit union issues.
“As the original consumer financial protectors, credit unions are in the marketplace every day offering consumers access to safe and affordable financial services, and they stand ready to work with Congress and the CFPB to ensure that consumers have adequate protections in law and regulation,” the letter reads.
Specifically, it outlines in detail how past actions by the CFPB have harmed credit unions’ ability to serve their members, the immediate steps the CFPB 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.
CFPB actions that have significantly impeded credit unions’ ability to serve members include rulemakings on:
Ability to repay/Qualified Mortgages;
CUNA also laid out its vision for the CFPB of the future, which includes: