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: