Consumers lose when credit unions are forced to pull back safe and affordable products from the market, CUNA wrote to the Senate Banking Committee Monday. Consumer Financial Protection Bureau (CFPB) Director Kathy Kraninger made her first testimony before the Senate Banking Committee as director Tuesday, and CUNA’s letter was sent for the record.
While credit unions support consumer protections, CUNA President/CEO Jim Nussle wrote, but the CFPB’s early years are marked with repeated missed opportunities to leverage credit unions’ mission and history of consumer benefits.
“Under Director Kraninger’s leadership, the CFPB has an opportunity once again to examine and, where necessary, modify its approach to regulation in a manner that ensures the Bureau is fulfilling its consumer protection mission without impeding the availability of safe and affordable financial products and services.”
The letter also reiterates CUNA’s support for a bipartisan, multi-member commission to lead the bureau, believing it would ensure diverse perspectives and prevent disrptions from leadership changes.
CUNA’s letter also recommended the CFPB: