July 02, 2018

Berger to Mulvaney: Bureau should exempt all CUs

Berger, Mulvaney
NAFCU President and CEO Dan Berger (left) sent a letter to Acting Director Mick Mulvaney (right) Friday urging the bureau to exempt all credit unions.

NAFCU President and CEO Dan Berger, in a letter Friday to Bureau of Consumer Financial Protection Acting Director Mick Mulvaney, reiterated NAFCU's request that the bureau "exercise its statutory exemption authority more effectively to exclude credit unions from burdensome regulations that are meant to target bad actors in the financial services industry, not member-owned, cooperative institutions that actually help their communities."

Berger wrote that previous bureau leadership had not used this authority, despite increasing consolidation in the credit union industry as a result of "the immense pressures of regulatory compliance." Berger urged Mulvaney to reevaluate the bureau's approach in order to provide credit unions with "much-needed regulatory relief."

The bureau should use its exemption authority "to not only exempt credit unions from both its enforcement and supervisory jurisdiction … but also future rulemakings that are likely to only impose additional burdens on credit unions and further increase the rate of industry consolidation," Berger said.

NAFCU has worked closely with Mulvaney since he began leading the bureau in November. Mulvaney has pursued a number of NAFCU-supported changes at the bureau to increase its effectiveness and transparency. Berger also interviewed Mulvaney for an exclusive video that aired at NAFCU's Annual Conference to discuss the bureau's efforts.