From left, CUNA Deputy Chief Advocacy Officer Elizabeth Eurgubian, CUNA President/CEO Jim Nussle, CFPB Director Kathy Kraninger, CUNA Senior Director of Advocacy Alexander Monterrubio.

CUNA leaders meet with CFPB Director Kraninger

March 5, 2019

CUNA President/CEO Jim Nussle, Deputy Chief Advocacy Officer Elizabeth Eurgubian and Senior Director of Advocacy and Counsel Alexander Monterrubio met with Consumer Financial Protection Bureau (CFPB) Director Kathy Kraninger Tuesday. Kraninger was confirmed as CFPB director in December, and has previously met with CUNA, leagues and credit unions.

“We thank Director Kraninger for her time and attention today as we discussed the unique nature of credit unions, and the bureau can use its exemption authority to move away from one-size-fits-all style rulemaking to benefit 115 million credit union members,” Nussle said. “We anticipate future engagement with the bureau and CUNA, leagues and credit unions going forward as we all share the goal of ensuring consumers have access to safe and affordable financial products and services.”

Kraninger is scheduled to make her first appearance as director before the House Financial Services Committee Thursday, and before the Senate Banking Committee next week.

CUNA followed up Kraninger’s confirmation in with a letter outlining key credit union priorities for the bureau. Those included:

  • Revising the CFPB’s short-term, small-dollar rule to ensure credit union participation in the market and to focus on abusers of consumers;
  • Substantially amending the CFPB’s remittances rule to make it more tailored to allow consumer access to desired products and services;
  • Consideration of additional amendments to Home Mortgage Disclosure Act reporting requirements to provide meaningful exemptions to credit unions;
  • A rulemaking that would clarify the CFPB’s Unfair, Deceptive or Abusive Acts or Practices approach, which CUNA believes is currently overly subjective;
  • Consideration of potential revisions to the Ability-to-Repay/Qualified Mortgage rule, which would include a “meaningful and prolonged feedback process;”
  • Exempting credit unions from any potential rulemaking to require financial institutions to compile, maintain and submit certain data on small business credit applications.