CUNA News
  • LOG IN
  • Create Account
  • Sign Out
  • My Account
  • LOG IN
  • Create Account
  • Sign Out
  • My Account
  • Topics
    • Community Service
    • Compliance
    • Credit Union Hero
    • Credit Union Rock Star
    • Credit Union System
    • Directors
    • Human Resources
    • Leadership
    • Lending
    • Marketing
    • Operations
    • Policy & Issues
    • Sales & Service
    • Technology
  • Credit Union Magazine
    • Buyers' Guide
    • COVID-19
    • Digital Edition
    • Credit Union Hero
    • Credit Union Rock Star
    • Subscribe
    • Advertise
    • Contact
  • Advertise
  • Awards
    • Nominate Credit Union Hero
    • Nominate Credit Union Rock Star
  • Podcasts
  • Videos
  • Jobs
  • Contact

News

Home » New CFPB leadership can recalibrate approach to credit unions
Policy & Issues

New CFPB leadership can recalibrate approach to credit unions

October 26, 2021
CFPBLogo

The Consumer Financial Protection Bureau (CFPB) missed many opportunities in its first decade of existence to leverage the credit union mission for consumers, CUNA wrote Tuesday, adding that new CFPB leadership can recalibrate this approach. CUNA’s letter was sent to House Financial Services Committee leadership prior to CFPB Director Rohit Chopra’s first testimony before the committee as director.

“Because of the 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 they are not overly burdensome on credit unions.”

The letter highlights several key principles CUNA believes should guide future CFPB action, including:

  • Using its authority in a manner consistent with its original purpose and spirit of the Dodd-Frank Act by focusing on bad actors engaging in objectionable practices.
  • Appropriately tailoring regulations to reduce disruption for community-based financial institutions.
  • Being consistent and transparent during the development and implementation of rulemakings and supervision and enforcement policies.
  • Consult with NCUA during the policymaking process and avoid implementing duplicative or contradictory policies.
  • Provide certainty to regulated entities by adopting clear “rules of the road” and prioritizing internal consistency.
  • Conduct thorough research prior to the adoption of a new rule or policy and base policy decisions on relevant data.
  • Ensure continued access to credit from reputable providers.
  • Encourage and support innovation in the consumer financial services marketplace.

KEYWORDS CFPB
Credit Union Magazine: Winter 2022

Winter 2022

Credit Union Magazine’s Winter 2022 issue highlights data-driven marketing, the board’s role in cybersecurity, elder abuse scams, credit unions’ auto lending advantage, and more.
Digital Edition •  Subscribe

Trending

  • Reps introduce bipartisan Credit Union Board Modernization Act

  • Compliance: Experts analyze NCUA’s 2023 supervisory priorities

  • CFPB must convene SBREFA panel for credit card fee rulemaking

Tweets by CUNA_News

Polls

How do you feel about the economy in 2023?

View Results
More

Champion for the Credit Union Movement

Credit Union National Association is the most influential financial services trade association and the only national association that advocates on behalf of all of America's credit unions. We work tirelessly to protect your best interests in Washington and all 50 states. We fuel your professional growth at every level and champion the credit union story at every turn.

More CUNA

  • Membership
  • Contact Us
  • Careers

Resources for

  • Credit Union Advocates
  • Leagues
  • Press
  • Providers

Our Affiliates

  • American Association of Credit Union Leagues (AACUL)
  • Credit Union Awareness
  • Credit Union House
  • CUNA Strategic Services
  • National Credit Union Foundation
GET CUNA UPDATES
© 2023 Credit Union National Association | ADA Compliance Notice & Legal
Email Us