Newsroom

March 21, 2017

Berger, in CUInsight, advocates for CFPB commission

NAFCU President and CEO Dan Berger says one way to cut down on the "avalanche of regulation from the CFPB" is to change its structure from a single director of a five-person commission in a CUInsight editorial published Tuesday.

"NAFCU has been advocating for this reform for years, and it is more important now than ever before," Berger wrote.

He noted an ongoing court case regarding the structure of the bureau. Last October, the U.S. Court of Appeals for the D.C. Circuit ruled that the bureau's structure is unconstitutional; the case is now being reheard.

"Changing to a five-person commission, as advocated by NAFCU, would create an environment where more voices could weigh in on the bureau's efforts to protect consumers, and it could help avoid more unnecessarily broad regulation that hurts credit unions while doing little to rein in bad actors on Wall Street," he wrote.

Berger said NAFCU will continue to advocate for this reform and other issues on the regulatory front, including the Military Lending Act, field of membership, risk-based capital and cybersecurity.

The NAFCU president also noted that these topics with compliance tips and guidance for credit unions will be offered during the association's 50th Annual Conference and Solutions Expo, June 13-16 in Honolulu, Hawaii.