The Bureau of Consumer Financial Protection should ramp up its efforts to issue new and amended regulations as required by the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155), CUNA wrote Wednesday. CUNA was a strong supporter of the bill, which was signed into law May 24.
“S. 2155 includes several provisions directly intended to enhance the ability of credit unions and other community financial institutions to continue serving their members/consumers,” the letter reads. “However, the relief afforded by the legislation will not occur until implemented by the Bureau and other federal financial regulators. Thus, we urge the Bureau to allocate the resources necessary to ensure the regulatory changes under S. 2155 are quickly promulgated.”
CUNA noted NCUA’s quick response to S. 2155’s passage, as it finalized the required changes to member business lending within days of the bill being signed into law.
“We encourage the Bureau to consider utilizing interim final rules to expedite the process of promulgating the S. 2155 changes,” the letter reads. “While we continue to believe it is imperative that credit unions and others are afforded the opportunity to provide input on these regulatory changes, use of interim final rules has the ability to allow for such input while significantly decreasing the time until real relief is realized by affected lenders.”