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NAFCU President and CEO Dan Berger, Executive Vice President of Government Affairs and General Counsel Carrie Hunt and Director of Regulatory Affairs Alexander Monterrubio will meet with CFPB Director Richard Cordray today to discuss the bureau's exemption authority and its upcoming payday lending rule.

NAFCU has urged CFPB to use its exemption authority under Section 1022(b)(3)(A) of the Dodd-Frank Act to exempt all credit unions from the upcoming payday lending rulemaking. NAFCU is seeking an exemption that would protect credit unions that make short-term, small-dollar loans in accordance with current state and federal laws, such as the payday alternative loan (PAL) program.

Lawmakers have also recently pushed Cordray to make greater use of the bureau's authority to exempt credit unions from its rulemakings. NAFCU has joined the call from a bipartisan group of 329 House members urging the bureau to do more to exempt credit unions.

Last week, Cordray told Reps. Adam Schiff, D-Calif., and Steve Stivers, R-Ohio, who led the bipartisan group, that the bureau has already taken steps to give regulatory relief to small financial institutions. He reiterated his belief that community banks and credit unions did not cause the financial crisis, and he said the bureau is committed to tailoring its regulations.