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CFPB Director Richard Cordray received a letter Monday signed by a bipartisan group of 329 House members urging the bureau to use its Dodd-Frank Act authority to exempt credit unions from certain rulemakings.

The letter, initiated by Reps. Adam Schiff, D-Calif., and Steve Stivers, R-Ohio, praises credit unions and community banks for their focus on local lending and community development. The signers 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.

"We thank Representatives Schiff and Stivers for their leadership on this issue, as well as, all of the members of Congress that signed the letter for their recognition of the overwhelming regulatory burden facing today's credit unions," said NAFCU Vice President of Legislative Affairs Brad Thaler.

In a message to House members last month, Thaler said, "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."

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