FOR IMMEDIATE RELEASE      

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

Washington, D.C. (April 13, 2018) – Consumer Financial Protection Bureau (CFPB) Acting Director Mick Mulvaney addressed several credit union priorities during his testimonies before the House Financial Services Committee and Senate Banking Committee. CUNA sent letters for the record ahead of both hearings this week, detailing how the actions of the CFPB affect credit unions and its vision for consumer protection in the future.  

For his first appearances as acting Director, Mulvaney reaffirmed a number of important issues that are consistent with CUNA's advocacy for credit union members. The following touch points were addressed as he: 

• Emphasized accountability and transparency by subjecting the bureau to appropriations, 
• Recommended that the agency's rules be subject to congressional approval,   
• Supported a bipartisan commission to ensure that the bureau can be an agent of consumer protection,  
• Encouraged oversight by noting that the agency should report directly to the President; and 
• Advocated the need for an independent Inspector General at the bureau.    

"CUNA appreciated the Director's remarks about the need to focus on bad actors and his support of a multi-member, bipartisan commission," said President/CEO Jim Nussle. "Credit unions offer consumers access to safe and affordable financial services, and our members stand ready to work with Congress and the CFPB to ensure that consumers have adequate protections in law and regulation." 

CUNA has supported these reforms as they fall under the Campaign for Common-Sense Regulation.  

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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.