CUNA President/CEO Jim Nussle addressed a “new era” at the Bureau of Consumer Financial Protection in a Credit Union Times op-ed Thursday with the confirmation of Director Kathy Kraninger. Kraninger was confirmed by Senate vote Thursday afternoon.
“As Americans’ best financial partner, credit unions look forward to continuing our exemplary member service history, and offer several suggestions for the future of the bureau to allow credit unions to increase member service,” Nussle wrote. “We trust Director Kraninger will quickly recognize the unique structure of credit unions and the enormous benefit that credit unions provide to American consumers in need of financial services.
“Credit unions and the 110 million Americans they serve have high hopes for the bureau, particularly that it will focus on appropriately tailoring regulations to reduce burden or exempt credit unions entirely, as appropriate,” he added.
Nussle added that reducing this burden, as well as ensuring the credit unions difference is taken into account during rulemakings, would best be served
“It is critically important for the bureau to understand that credit unions are not asking to be exempt from all its rules; instead, we ask for consideration of the credit union difference financial service providers, particularly those who have a history of abusing consumers, and to tailor certain rules accordingly,” Nussle wrote. “We strongly believe this consideration would be best achieved if the bureau were run by a commission rather than a single director.”
The op-ed follows the letter CUNA wrote to Kraninger shortly after her confirmation outlining key consumer protection priorities for credit unions.