February 22, 2018

Monterrubio, on CUbroadcast, talks CFPB, reg landscape

NAFCU's Alexander Monterrubio, during a recent interview with CUbroadcast's Mike Lawson, said the current regulatory outlook seems positive for credit unions as the CFPB and NCUA focus on reviewing and tailoring regulations.

Monterrubio, NAFCU's director of regulatory affairs, provided an update on efforts at the CFPB with Acting Director Mick Mulvaney now in charge. Monterrubio told Lawson he expects the bureau to offer more substantive guidance on regulations, and for it to "take into account credit unions' and other financial institutions' feedback on rulemakings."

He also noted the series of requests for information (RFI) the bureau is issuing in order to review its functions. Monterrubio encouraged credit unions to provide input on the RFIs to the CFPB and NAFCU to help the bureau improve and make sure credit unions' concerns are heard.

When asked about who might become the permanent CFPB director, Monterrubio said NAFCU "is willing to work with anyone who is the director of the CFPB in order to advance the needs of credit unions."

Looking at the regulatory landscape in general, Monterrubio offered possible issues the CFPB and NCUA will focus on, but said he believes the two regulators will do a better job of "tailoring regulations to meet specific ends, as opposed to regulating for regulation's sake."

Although, both the CFPB and NCUA are in a little bit of limbo, Monterrubio said, as the CFPB awaits a permanent director and the NCUA waits on two board appointees. However, he expected good changes in the regulatory environment.

To watch the full interview, click here.