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NAFCU and other financial services industry trades met with CFPB Acting Director Mick Mulvaney Thursday to discuss various issues affecting the industry. NAFCU has previously shared with Mulvaney areas where action can be taken to provide credit unions with much-needed regulatory relief.

NAFCU President and CEO Dan Berger, in a letter to Mulvaney about the association's 2018 priorities, asked that the bureau: review all regulations, increase use of its exemption authority for credit unions under the Dodd-Frank Act, revise the definition of qualified mortgage, review the reputation risk associated with its Consumer Complaint Database, revisit its Home Mortgage Disclosure Act requirements and pull back efforts to alter overdraft programs.

Mulvaney has already pursued efforts to improve the CFPB's functions since he became acting director in November. Last month, he announced that the bureau will issue a series of requests to obtain public feedback on how to improve its functions and outcomes for the consumers and entities it regulates. The bureau has so far issued requests for information on civil investigative demands (CIDs), administrative adjudications, enforcement processes and its supervision program.

Mulvaney also recently sent a memo to bureau staff outlining his vision for CFPB enforcement and how the bureau will pursue issues within the financial system.

NAFCU will continue to engage with Mulvaney and CFPB staff to ensure regulations hold bad actors in the financial services industry accountable without burdening credit unions and other good actors.