CUNA wrote to new Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra Tuesday highlighting several key principles that should guide future CFPB actions. Chopra was confirmed in September by the Senate to lead the CFPB.
“Credit unions are the original consumer financial protectors. Because of our not-for-profit, member-owned cooperative structure credit unions are not subject to the same profit-first motives that have become characteristic of for-profit financial services providers,” the letter reads. “This distinction, combined with a track-record of providing consumer-friendly financial services, is a key reason that rules and regulations should be tailored so that they are not overly burdensome on credit unions.
“Unfortunately, the Bureau, in its first several years of existence, missed many opportunities to leverage credit unions’ mission and history to the benefit of consumers, and finalized regulations that ultimately hampered credit unions and their members,” it adds.
CUNA believes the following principles should guide CFPB actions: