Created by the Dodd Frank Wall Street Reform and Consumer Protection Act, the BCFP has significantly increased regulatory burdens for credit unions.
We are opposed to the BCFP's authority over credit unions, given that they were not responsible for the financial crisis and are more highly regulated than any other financial depository institution. We strongly support legislative improvements to change the structure of the Bureau and believe that an outside mechanism is needed to allow credit unions to challenge exam findings from both the NCUA and the BCFP.
How This Impacts You
Since the Bureau’s inception, credit unions have been the victims of sweeping, one-size-fits-all regulations targeting bad actors. As a result of this burdensome regulatory environment, the industry has lost over 1,500 credit unions. To counteract this effect, NAFCU have advocated for exemptions for credit unions, regardless of their asset size, and legislative changes that increase the Bureau’s transparency and accountability.
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