CUNA wrote the House Financial Services Committee in support of several pieces of legislation to modernize the Consumer Financial Protection Bureau (CFPB) and ensure its approach to credit unions is measured and balanced. The committee conducted a markup starting Wednesday of various legislation, including a package from Rep. Andy Barr, R-Ky., the CFPB Transparency and Accountability Reform Act (H.R. 2798).
“The CFPB has missed many opportunities to leverage credit unions’ mission and history to the benefit of consumers and finalized regulations that ultimately hampered credit unions and their members,” the letter reads. “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.”
CUNA supports several titles of H.R. 2798, including: