The Consumer Financial Protection Bureau’s (CFPB) execution of its regulatory agenda should ensure credit unions and other entities are able to provide efficient, safe and affordable products and services, CUNA wrote to the House Financial Services Committee Tuesday. CFPB Director Kathy Kraninger is scheduled to appear before the committee Wednesday.
“The need for consumer protection remains, but rulemakings must be targeted to address the problems in the industry and exclude credit unions from additional requirements when credit unions are not engaged in the problematic activity,” the letter reads. “We look forward to collaborating with the CFPB and Congress to improve upon the past work of the Bureau, while strongly supporting a continued focus on reigning in bad actors in the financial services marketplace.”
CUNA emphasized its support for a bipartisan, multimember commission to lead the CFPB, believing it would offer consistency and transparency to the financial services marketplace. CUNA reiterated this support recently as House Democrats and Kraninger have publicly stated differences in options over the leadership of the CFPB.
CUNA’s letter also recommended the CFPB: