The Consumer Financial Protection Bureau (CFPB) has missed opportunities to recalibrate its regulatory approach to fulfill its consumer protection mission without impeding access to credit, CUNA wrote to the Senate Banking, Housing, and Urban Affairs Committee Thursday.
CFPB Director Rohit Chopra testified before the committee, and CUNA submitted a similar letter Wednesday in advance of his testimony before the House Financial Services Committee.
“Credit unions’ commitment to member service is a key reason why credit union members are among the most financially healthy in America and agree that their credit union cares about them,” the letter reads, citing numerous data points from CUNA’s 2022 National Voter Poll showing credit union members are more likely to believe their financial institution has positively impacted their financial well-being.
“This sentiment reflects exactly the type of relationship banking that Director Rohit Chopra has stated he wanted to become commonplace in the consumer financial services markets,” the letter adds.
CUNA notes credit unions are concerned with:
CUNA also noted its principles that should guide any CFPB action, including using its authority to exempt credit unions from certain rulemakings, a transparent rulemaking process, and engagement with NCUA and other stakeholders.