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Reps. Adam Schiff, D-Calif., and Steve Stivers, R-Ohio, are gathering signatures for a letter urging CFPB Director Richard Cordray to use the bureau's Dodd-Frank Act authority to exempt credit unions from certain rulemakings.

The bipartisan letter notes that a Government Accountability Office report recently found that financial services have been limited or discontinued by many community-based financial institutions due to new regulations, particularly those governing remittance transfers. Reps. Pete Aguilar, D-Calif., and Ed Royce, R-Calif., have also agreed to sign the letter. Stivers and Royce are member of the House Financial Services Committee.

The letter also praises credit unions and community banks for their focus on local lending and community development. The signers will urge Cordray to use CFPB's authority under Section 1022(b)(3)(a) in the Dodd-Frank Act to adapt regulations by allowing it to exempt "any class" of entity from its rulemakings.

NAFCU was the only credit union trade association to oppose CFPB having rulemaking authority over credit unions.

"We appreciate Representatives Schiff's and Stivers' leadership in this matter and their recognition of the importance of alleviating the overwhelming regulatory burden for credit unions," said NAFCU President and CEO Dan Berger.

NAFCU encourages credit unions to contact their members of Congress to ask them to sign the letter by March 4. Credit unions should visit NAFCU's Grassroots Action Center or call (202) 224-3121 to reach their members of Congress.