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House Financial Service Committee Ranking Member Maxine Waters, D-Calif., speaking before NAFCU's Congressional Caucus Wednesday, said credit unions should have greater exemptions from many of CFPB's rulemakings and that she is willing to address the issue via legislation in the next Congress if the bureau continues to resist.

"I'm going to take a look at this issue in January, and if legislation is needed to clarify, I will take up that issue," she said. "I don't mind doing that because of who you are and the services you provide to our country."

"NAFCU thanks Ranking Member Waters for her support of credit unions' exemption from certain CFPB rulemakings," said NAFCU Vice President of Legislative Affairs Brad Thaler. "She understands that credit unions provide a huge service to the American economy and the nation's small businesses and that, with relief from overly burdensome rules, they could do much more."

Earlier this year, a bipartisan group of 329 members of the House signed a letter to Cordray urging him to use his Dodd-Frank authority to provide greater exemptions to credit unions from certain rulemakings. A bipartisan group of 70 senators sent a similar letter in July.

Waters also noted that despite the big banks saying credit unions have an advantage because of their nonprofit status, Congress will never take away their tax exemption, she said. Doing that "would be like giving up apple pie," she said.

She also noted her support for raising the member business lending cap for credit unions. "We need to make it clear to anyone who will listen that credit unions are a service-driven alternative to profit-driven institutions," she said.

Next year, NAFCU's Congressional Caucus is Sept. 10-13 in Washington.