Our Position
NAFCU opposes the CFPB’s examination and enforcement authority over credit unions, given they were not responsible for the financial crisis and are more regulated than any other financial depository institution. NAFCU 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.
History has shown that a robust and thriving credit union industry is good for our nation’s economy, as credit unions fill a void for consumers and small businesses in the marketplace that may otherwise not be met by other institutions. The CFPB should use its statutory exemption authority to exclude credit unions from rulemakings to reduce the regulatory burden that has crippled many institutions so that credit unions may continue to provide value to our nation’s economy.