CUNA’s Consumer Protection Subcommittee met with Consumer Financial Protection Bureau (CFPB) Director Kathy Kraninger Wednesday as part of the group’s agenda while in Washington, D.C. for the CUNA Governmental Affairs Conference. This is the latest in of recent meetings between credit unions and Kraninger, the previous one occurring last week with CUNA leaders.
During the meeting the group raised concerns with Kraninger regarding the over-regulation of credit unions, particularly regarding products and services such as remittance transfers, mortgage loans and short-term, small-dollar.
The Subcommittee emphasized the difference between credit unions’ not-for-profit structure, and the structure of for-profit institutions, and that credit unions exist solely to serve consumers.
The Subcommittee also emphasized that the CFPB should consider the cost of regulations on credit unions verses the benefit to consumers, so rules do not inadvertently harm consumers by negatively affecting access to safe and affordable financial products and services.