The Consumer Financial Protection Bureau (CFPB) has missed many opportunities to leverage credit unions’ mission and history to the benefit of consumers, CUNA wrote to the House Financial Services Subcommittee on Financial Institutions and Consumer Credit Wednesday. The subcommittee will conduct a hearing Thursday on potential CFPB reforms.
“Consumers lose when one-size-fits-all rules force credit unions to pull back safe and affordable options from the market, pushing consumers towards predatory entities engaged in the very activity the CFPB’s rules were designed to curtail,” the letter reads. “Under Director Rohit Chopra’s tenure, the Bureau has repeatedly failed to recalibrate its approach to regulation in a manner that fulfills its consumer protection mission without impeding consumers’ access to credit or safe and affordable financial products and services.”
CUNA highlighted several principles it believes should guide the CFPB’s regulatory activities, including:
CUNA also noted its support for CFPB-related legislation that would: fund the CFPB through the appropriations process, replace the single director with a bipartisan, multi-member commission, and require the CFPB to conduct a cost-benefit analysis on its rulemakings.