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NAFCU Vice President of Legislative Affairs Brad Thaler is urging U.S. House members to sign the bipartisan draft letter being circulated by Reps. Adam Schiff, D-Calif., and Steve Stivers, R-Ohio, asking CFPB to exempt credit unions and community banks from certain rulemakings.

"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," Thaler wrote in a message to all House members Thursday.

Schiff and Stivers' letter 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 exempting "any class" of entity from its rulemakings.

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

NAFCU also encourages credit unions to contact their members of Congress to ask them to sign the letter by March 4 through NAFCU's Grassroots Action Center.