CUNA Statement on CFPB Rulemaking Freeze

FOR IMMEDIATE RELEASE                                                          

Contact: Vicki Christner – CUNA Communications; 202-329-9950; vchristner@cuna.coop

Washington, DC (November 27, 2017) – Acting Consumer Financial Protection Bureau (CFPB) Director Mick Mulvaney announced a freeze of rulemaking actions at the bureau, hours after CUNA sent a letter requesting a freeze on new rules and requirements.

“We’re pleased to see the bureau halt rulemaking activities for time being, as we’ve been pushing for an end to burdensome rulemakings since the start of the new administration,” said Ryan Donovan, CUNA’s chief advocacy officer. “While credit unions do not want more new rules and requirements, they do need fixes for current rules that are burdensome for credit unions, and more exemptions where possible, and CUNA looks forward to working with the bureau to get those fixes moving forward for the benefit of consumers.”

In addition to requesting an immediate freeze on new regulatory requirements affecting credit unions, CUNA requested CFPB leadership:

• Not finalize any new regulations affecting credit unions, unless they are intended to provide relief from previous regulations;
• Allow NCUA to examine and supervise all credit unions for compliance with consumer protection regulations;
• Continue to receive feedback from the Credit Union Advisory Council; and
• Use its statutory exemption authority to exempt credit unions from future rulemakings.

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About CUNA
Credit Union National Association (CUNA) is the only national association that advocates on behalf of all of America’s credit unions, which are owned by 110 million consumer members. CUNA, along with its network of affiliated state credit union leagues, delivers unwavering advocacy, continuous professional growth and operational confidence to protect the best interests of all credit unions. For more information about CUNA, visit cuna.org.