CUNA News
  • LOG IN
  • Create Account
  • Sign Out
  • My Account
  • LOG IN
  • Create Account
  • Sign Out
  • My Account
  • Topics
    • Community Service
    • Compliance
    • Credit Union Hero
    • Credit Union Rock Star
    • Credit Union System
    • Directors
    • Human Resources
    • Leadership
    • Lending
    • Marketing
    • Operations
    • Policy & Issues
    • Sales & Service
    • Technology
  • Credit Union Magazine
    • Buyers' Guide
    • COVID-19
    • Digital Edition
    • Credit Union Hero
    • Credit Union Rock Star
    • Subscribe
    • Advertise
    • Contact
  • Advertise
  • Awards
    • Nominate Credit Union Hero
    • Nominate Credit Union Rock Star
  • Podcasts
  • Videos
  • Jobs
  • Contact

News

Home » CUNA sends letter in advance of BCFP hearing continuing push for bipartisan commission
Press

CUNA sends letter in advance of BCFP hearing continuing push for bipartisan commission

July 18, 2018

FOR IMMEDIATE RELEASE      

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

Washington, DC (July 18, 2018) – Credit Union National Association (CUNA) sent a letter to Senate Banking Committee leadership ahead of the Bureau of Consumer Financial Protection's (BCFP or Bureau) Director nomination hearing. The letter was written to Chairman Crapo and Ranking Member Brown in support of the nomination process and urges Congress to support a bipartisan commission for the Bureau. 

"Stability of leadership and clarity of mission are critical features of any efficient and effective regulatory body," the letter reads. "Credit unions look forward to working with a new permanent BCFP Director, one that we hope will recognize the unique structure of credit unions and the enormous benefit credit unions provide to American consumers in need of financial services." 

While credit unions view this as a positive development, CUNA continues to advocate for legislation that provides for a multi-person, bipartisan commission to lead the Bureau, as was originally proposed by the Obama administration in 2009. In April, several financial trade associations wrote to Congress in support of H.R. 5266, the Financial Product Safety Commission Act of 2018, which would transition the governance structure of the Bureau from a sole director to a five-person commission.  

“Proponents of the Bureau have historically hailed it as a regulatory agency with an obligation to fairly and independently administer federal consumer protection law,” the letter reads. “However, the current structure has proven to be the Bureau’s fatal flaw and has resulted in an agency that is only independent from the minority political party.” 

Appointment of a bipartisan commission provides consumers a steady approach to regulation. CUNA encourages the bureau to continue engaging credit unions in its external outreach to gain a better understanding of credit union business model, specifically as it relates to how regulations affect operations and service to consumers.  

Ms. Kathleen Kraninger has been nominated as the permanent Director to the BCFP. 

###      

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.   

Credit Union Magazine: Winter 2022

Winter 2022

Credit Union Magazine’s Winter 2022 issue highlights data-driven marketing, the board’s role in cybersecurity, elder abuse scams, credit unions’ auto lending advantage, and more.
Digital Edition •  Subscribe

Trending

  • House passes CUNA, League-led board modernization bill

  • CFPB issues CUNA-opposed proposal on credit card late fees

  • Key committee leaders supportive of credit union priorities

Tweets by CUNA_News

Polls

Vote for the 2023 CU Hero of the Year

View Results
More

Champion for the Credit Union Movement

Credit Union National Association is the most influential financial services trade association and the only national association that advocates on behalf of all of America's credit unions. We work tirelessly to protect your best interests in Washington and all 50 states. We fuel your professional growth at every level and champion the credit union story at every turn.

More CUNA

  • Membership
  • Contact Us
  • Careers

Resources for

  • Credit Union Advocates
  • Leagues
  • Press
  • Providers

Our Affiliates

  • American Association of Credit Union Leagues (AACUL)
  • Credit Union Awareness
  • Credit Union House
  • CUNA Strategic Services
  • National Credit Union Foundation
GET CUNA UPDATES
© 2023 Credit Union National Association | ADA Compliance Notice & Legal
Email Us