Nussle, CFPB’s Kraninger talk CUs’ role in recovery

September 30, 2020

CUNA President/CEO Jim Nussle spoke with Consumer Financial Protection Bureau Director Kathy Kraninger Wednesday on a number of credit union issues, including serving members during the pandemic. CUNA has been in constant contact with CFPB leadership and staff during the crisis.  

“Thanks to Director Kraninger for her time today to hear feedback CUNA and Leagues have been hearing about ways to continue member service during the pandemic and economic recovery,” Nussle said. “The CFPB and credit unions are both committed to ensuring access to safe and affordable products while maintaining safety and soundness.”

Previous communications from CUNA to Kraninger have called on the CFPB to provide credit unions with additional flexibility, including:

  • Avoiding implementing any new rules that would unnecessarily tie-up compliance resources or add to regulatory burden;
  • Suspending unnecessary onsite examination activities and reducing the frequency of requests for examination-related information;
  • Expanding “good faith efforts to comply” supervision policies to additional areas where credit unions are acting swiftly to assist members in need; and
  • Continuing to coordinate with other federal banking regulators, especially NCUA, to issue up-to-date guidance on mortgage servicing as more borrowers seek out forbearance and other means of assistance during the pandemic.