FOR IMMEDIATE RELEASE
CONTACT: Lauren Williams – CUNA Communications; (202) 626-7642; firstname.lastname@example.org
Washington, DC (July 2, 2018) – With the recent increase in consumer regulations on financial institutions, the Bureau of Consumer Financial Protection opened its series of requests for information (RFI) seeking feedback on performance. Credit Union National Association (CUNA) is strongly encouraging the Bureau of Consumer Financial Protection (BCFP) to assist the credit unions in complying with regulatory requirements.
"The increase in regulations is particularly burdensome for credit unions which, unlike massive banks, do not have dozens of legal experts in house to assist with compliance questions," the white paper reads. "There are, however, ways in which the Bureau can assist the industry in complying with consumer financial services regulatory requirements."
CUNA outlined the following recommendations to ensure the Bureau's enforcement is transparent and consistent:
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.