Created by the Dodd Frank Wall Street Reform and Consumer Protection Act, the Consumer Financial Protection Bureau (CFPB) has significantly increased regulatory burdens for credit unions.
We are opposed to the CFPB’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 CFPB and believe that an outside mechanism is needed to allow credit unions to challenge exam findings from both the NCUA and the CFPB.
How This Impacts You
Credit unions played no part in the recent financial crisis, however they have been victims of sweeping regulations targeting institutions who did. As a result, over 1,000 financial institutions have disappeared since the passage of the Dodd-Frank Act and formation of the CFPB, primarily due to the excessive regulatory burdens created since its creation.
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