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.
We believe that a healthy and appropriate environment is important for credit unions to thrive. History has shown that a robust and thriving credit union industry is good for our nation’s economy, as credit unions fill a need for consumers and small businesses in the financial services marketplace that may otherwise not be met by other institutions.
The CFPB has recently finalized, and is currently working on, a number of regulations that have significant impact on the credit union industry. While we have a number of concerns with all the Bureau’s rules, this whitepaper covers the "Dirty Dozen" affecting credit unions today.