In November 2017, former Director Richard Cordray resigned from the Bureau to enter the race for Ohio governor and named his chief of staff, Leandra English, as Deputy Director. That same day, President Trump named Mick Mulvaney, Director of the Office of Management and Budget, as the Acting Director. This sparked a lawsuit by English, which has since been withdrawn due to President Trump’s nomination of Kathy Kraninger as Director of the Bureau. Kraninger has appeared before the Senate and awaits confirmation.
Under Acting Director Mulvaney, the Bureau has taken a different approach to rulemaking and enforcement actions. NAFCU is hopeful that the new Director, whoever it may be, will recognize the value of credit unions to the nation’s economy and, in particular, individuals of modest means, and more actively use its exception authority for rulemaking.
On the legislative side, the House the NAFCU-backed Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) on May 22, 2018. Two days later, President Trump into law during a ceremony with several NAFCU-member credit union CEOs.
On June 14, 2018, NAFCU President and CEO Dan Berger sent a to Acting Director Mulvaney containing a list of recommended regulatory actions that should be pursued to properly implement S. 2155. NAFCU with Bureau staff to discuss the implementation of S. 2155 and share credit union concerns about various provisions of the new law as well as the Bureau’s debt collection rulemaking.