Newsroom

June 06, 2016

NAFCU supports senators' push for CFPB exemptions for CUs

Sens. Joe Donnelly, D-Ind., and Ben Sasse, R-Neb., are gathering signatures for a NAFCU-backed letter urging CFPB Director Richard Cordray to use the bureau's Dodd-Frank Act authority to exempt credit unions from certain rulemakings. NAFCU has repeatedly pressed the bureau to use that authority more effectively.

The bipartisan letter notes the regulatory burden experienced by community institutions since the enactment of the Dodd-Frank Act. The letter urges Cordray to use CFPB's authority under Section 1022(b)(3)(a) in the Dodd-Frank Act to grant exemptions on a rule-by-rule basis to "any class" of entity from its regulatory requirements.

NAFCU was the only credit union trade association to oppose subjecting credit unions to CFPB authority under Dodd-Frank. The association maintains that CFPB has and should be using its authority to exempt credit unions from regulations aimed at bad actors.

Donnelly's and Sasse's letter is similar to a letter sent to Cordray in March signed by a bipartisan group of 329 House members.