Created by the Dodd Frank Wall Street Reform and Consumer Protection Act, the Bureau of Consumer Financial Protection (CFPB) has significantly increased regulatory burdens for credit unions.
NAFCU opposes the CFPB’s examination and enforcement authority over credit unions, given they were not responsible for the financial crisis and are more highly regulated than any other financial depository institution. NAFCU also strongly supports legislative improvements to change the structure of the CFPB from an unaccountable, single director, who is removable only for cause, to a bipartisan commission.
How This Impacts You
Since the CFPB’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 has advocated for exemptions for credit unions, regardless of their asset size, and legislative changes that increase the CFPB’s transparency and accountability.
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