CUNA Releases "White Paper on Common-Sense Reforms" for CFPB
FOR IMMEDIATE RELEASE
CONTACT: Lauren Williams – CUNA Communications; (202) 626-7642; firstname.lastname@example.org
Washington, DC (May 29, 2018) – Today Credit Union National Association (CUNA) submitted a comprehensive white paper to the Bureau of Financial Consumer Protection to further ensure regulations are tailored and streamlined. CUNA's "Common-Sense Reforms to Bureau of Consumer Financial Protection Rules and Procedures,” is a part of the association's continued advocacy efforts following last week's victory for America's credit unions as Congress signed the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) into law.
"As the Bureau has acknowledged, credit unions were not responsible for the 2008 financial crisis, and were instead the trusted institutions that consumers looked to for safe and competitively priced financial products and services," the paper said. "Therefore, CUNA strongly believes the Bureau’s efforts and resources should focus on the problem actors in the industry, not credit unions."
CUNA's white paper is a collaborative effort, with contributions from credit unions, prepared in response to the Bureau's series of Requests for Information (RFI) seeking evaluation from the industry.
Key recommendations from CUNA include the following:
- The Bureau must understand the unique structure and business model of credit unions as member-owned financial services institutions that are inherently consumer friendly.
- Thus, the Bureau must focus on the problem actors in the industry, not credit unions. To do so, actions must be taken to provide exemptions for credit unions in current and future regulations.
- The Bureau must actively engage with the Credit Union industry through meetings, roundtable discussions, and the preservation of its Credit Union Advisory Council.
- The Bureau must adjust its rulemaking processes so it can effectively receive feedback from the financial services industry.
- The Bureau must work with the NCUA regarding any rulemakings or actions involving credit unions.
"CUNA Recommendations articulated in this paper are ones the Bureau can and should implement to better focus its time, effort, and resources on the problem actors in the industry, upholding the intent of the Dodd-Frank Act," the paper concluded.
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.