November 28, 2017

NAFCU presses for CFPB changes amid new leadership, attends court hearing

In light of the leadership change at the CFPB, NAFCU President and CEO Dan Berger told bureau new Acting Director Mick Mulvaney in a letter yesterday of a few areas where action can be taken to provide credit unions with much-needed regulatory relief.

Those areas include:

  • increasing the use of the CFPB's statutory exemption authority;
  • freezing rulemakings that would add to credit unions' compliance burden, such as any new debt collection proposal (Mulvaney on Monday did in fact impose a 30-day freeze on new CFPB regulations); and
  • delaying by one year the CFPB's Home Mortgage Disclosure Act implementation date.

Berger thanked Mulvaney for all he had done to address the credit union industry's regulatory burden during his time in Congress and now as he serves as director of the White House Office of Management and Budget.

President Donald Trump named Mulvaney interim director of the CFPB after then-Director Richard Cordray departed the post on Friday. The president has yet to nominate a permanent successor to fill the vacancy, which would require Senate confirmation.

Before his departure, Cordray named his chief of staff, Leandra English, as the bureau's deputy director. English filed suit against Trump and Mulvaney asking a federal judge to declare her as acting director of the CFPB and block Mulvaney as the bureau's interim chief. NAFCU was at the court hearing yesterday in Washington where U.S. District Judge Timothy Kelly heard initial comments from both sides but rendered no decision.