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 » CUNA, Leagues call for stability and engagement from CFPB
Policy & Issues

CUNA, Leagues call for stability and engagement from CFPB

April 26, 2022
CFPBLogo

For credit unions to have the necessary resources to serve members and innovate, CUNA and the Leagues called on the Consumer Financial Protection Bureau (CFPB) to provide stability in the marketplace in a letter to the Senate Committee on Banking, Housing, and Urban Affairs Tuesday.  

“Open and transparent rulemaking is a key part of administrative process,” the letter reads, “but throughout the history of the CFPB, regulated entities and consumers have been subject to midnight press releases of upcoming rules; rulemaking based on incomplete data; and enforcement actions based on broad authority. In addition, the CFPB has tried to influence market behaviors in lieu of formal rulemaking. Credit unions support the CFPB protecting consumers and going after bad actors, but overall, we need stability in the marketplace to have the resources necessary to serve our members and innovate. We are concerned we are going down a road that will disrupt more than it will protect.” 

CUNA and the Leagues also encouraged the CFPB to consistently engage stakeholders in the policy-setting process. 

“It is impossible for the Bureau to fulfill its mission, ‘to make consumer financial markets work for consumers, responsible providers, and the economy as a whole,’ if its leadership does not take the time to hear the concerns and priorities of the entities subject to its rulemaking and supervision,” the letter reads. “Facilitating more opportunities for credit unions to provide input to the Bureau leadership directly will improve the Bureau’s rulemaking and supervisory processes.” 

The letter also notes the CFPB’s failure to effectively tailor its regulation to account for the disproportionate impact that one-size-fit-all rules have on credit unions. 

CUNA and the Leagues also renewed their call on Congress to enact legislation to establish a bipartisan multi-member commission to lead the agency, a structure proposed at the Bureau’s inception. The organizations charge that such a structure would enhance consumer protection by ensuring that diverse perspectives are considered before finalizing rules and prevent disruptions caused by leadership changes.  

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

  • House passes CUNA, League-led board modernization bill

  • CFPB issues CUNA-opposed proposal on credit card late fees

  • Key committee leaders supportive of credit union priorities

Tweets by CUNA_News

Polls

Vote for the 2023 CU Hero of the Year

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