WASHINGTON—CUNA is telling the CFPB that it would like the Bureau to pay more attention to the concerns of credit unions, and is inviting its director to engage with the trade association in further discussions regarding the movement.
In a letter to CFPB Director Richard Cordray regarding comments he made during his semi-annual report to Congress on March 16, CUNA President Jim Nussle addressed several CU concerns.
“We appreciate the ongoing dialogue in which the Bureau has engaged with CUNA and our member credit unions,” wrote Nussle. “However, we would like to see more dialogue and attention directed at the concerns of credit unions regarding regulatory burden, particularly the data we have brought to your attention concerning the troubling rate of attrition among small credit unions.”
Nussle also said he is concerned that Cordray does not fully understand the concerns CUNA and credit unions have brought to him about regulatory burdens stemming from the Bureau’s rulemakings.
“As we discussed last month when you met with credit unions at our Governmental Affairs Conference, CUNA and its member credit unions have taken the time over the last year to engage with a third-party to try to quantify the cost of regulations on credit unions and their members,” said Nussle. “We extended an invitation to your staff to receive a briefing on this research. We believe that if you and your staff see and fully understand the data we have compiled, that you will better grasp credit unions' concerns with the recent direction of the CFPB. As such, we renew our invitation to brief you or your staff on this research.”
The complete letter can be found in CUToday.info’s The gov.