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Rep. Dennis Ross, R-Fla., member of the House Financial Services Committee, notes the severe toll the CFPB's "broad and overly burdensome regulations" are having on the nation's credit unions in an editorial published this week in The Hill newspaper.

"[T]he CFPB does not distinguish credit unions and community banks from large financial institutions and nonbank lenders," he wrote. "As a result, the CFPB's broad and overly burdensome regulations are severely impairing these important community-based financial institutions by limiting consumer credit availability and choice, as well as increasing costs for credit union members and community bank customers."

Ross cited a recent D.C. U.S. Circuit Court of Appeals ruling that found the CFPB's leadership structure to be unconstitutional. "This unsettling unilateral power, coupled with the inability for other arms of the federal government to review or disapprove of the CFPB's actions, not only flies in the face of our government's system of checks and balances, but also promotes rogue operations and regulations that have the potential to grossly alter our economy and harm the livelihoods of millions of Americans," he wrote.

He also called out the bureau for using enforcement tactics rather than issuing "clear and specific guidance" to help those it regulates.

Ross said he and his committee are working to ease the regulatory burdens faced by community financial institutions and "rein in the unilateral power the CFPB director has over hardworking taxpayers."