WASHINGTON–As CUToday.info reported earlier here, hundreds of members of Congress have signed on to a letter that calls on the CFPB to exempt CUs from certain rulemakings.
The effort has been led by Reps. Adam Schiff (D-CA) and Steve Stivers (R-OH) and has attracted 329 signatures from a bipartisan group of House members.
The letter praises credit unions and community banks for their focus on local lending and community development. The signers urge Cordray to use CFPB’s authority under Section 1022(b)(3)(a) in the Dodd-Frank Act to adapt regulations by exempting “any class” of entity from its rulemakings.
“We thank Representatives Schiff and Stivers for their leadership on this issue, as well as all of the members of Congress that signed the letter for their recognition of the overwhelming regulatory burden facing today’s credit unions,” said NAFCU Vice President of Legislative Affairs Brad Thaler.
In a message to House members last month, Thaler said, “Exempting credit unions from rulemakings intended for larger financial institutions would result in significant, immediate regulatory relief that would allow credit unions to better serve their members.”
CUNA President/CEO Jim Nussle added, “We are grateful that a great bipartisan majority of members of the House believe the CFPB should use the authority they granted it to exempt credit unions from the Dodd-Frank Act. The letter to Director Cordray and the extensive support it has attracted represents a successful deployment of CUNA’s 360-degree advocacy to remove barriers and optimize the operating environment for all credit unions.”