More needs to be done to ensure credit union members can continue to receive their services, CUNA wrote to House leadership Tuesday evening. CUNA sent its letter following House passage of the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) to highlight additional needs for regulatory relief.
“Although S. 2155 made amendments to the Dodd-Frank Wall Street Reform and Consumer Protection Act, it was a Dodd-Frank Reform bill and it did not address the fundamental issues related to the structure of the Bureau of Consumer Financial Protection,” the letter reads. “We renew our call on Congress to replace the bureau director with a multi-member, bipartisan commission.”
CUNA also encouraged Congress to enact the following bipartisan regulatory relief bills:
CUNA also highlighted concerns with NCUA’s risk-based capital rule, the need to address redundancies in Bank Secrecy Act/Anti-Money Laundering statutory framework and the need for a legislative solution to weakness in cybersecurity law.