FOR IMMEDIATE RELEASE
CONTACT: Lauren Williams – CUNA Communications; (202) 626-7642; firstname.lastname@example.org
Washington, D.C. (June 6, 2018) – Today Credit Union National Association (CUNA) sent a letter to the Subcommittee on Financial Institutions and Consumer Credit prior to their hearing to discuss reforms to the Bureau of Consumer Financial Protection (CFPB) entitled, “Improving Transparency and Accountability at the Bureau of Consumer Financial Protection." The letter urges the Bureau to streamline regulatory burdens for credit unions and work more closely with the National Credit Union Administration (NCUA) on compliance.
“The bureau, in its first several years of existence, missed opportunities to leverage credit unions’ mission and history to the benefit of consumers, and finalized regulations that harmed credit unions and their members,” the letter reads. “Consumers lose when one-size-fits-all rules force credit unions to pull back safe and affordable options from the market, pushing consumers into the arms of the providers engaged in the very activity that the rules were designed to curtail.
CUNA focuses on several ways credit unions are prepared to partner with the Bureau on consumer protection activities:
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.