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NAFCU, reiterating its early opposition to placing any credit union under CFPB authority, urged lawmakers to push for credit union regulatory relief in advance of CFPB Director Richard Cordray's scheduled testimony before the Senate Banking Committee today.

NAFCU Vice President of Legislative Affairs Brad Thaler urged Senate Banking Chairman Richard Shelby, R-Ala., and Ranking Member Sherrod Brown, D-Ohio, to "press the CFPB to provide greater relief to credit unions," which have been struggling under an "immense" burden since the 2010 enactment of the Dodd-Frank Act.

Thaler urged expansion of CFPB's exemption efforts so all credit unions may be exempt from various CFPB rulemakings. He said during deliberations on the Dodd-Frank Act, NAFCU was the only credit union trade association to oppose CFPB having rulemaking authority over credit unions. He emphasized the regulatory burden such rules have imposed and the unique member-owner nature of the credit union industry. He also recommended changing the leadership structure of CFPB from a director to a five-member commission.

Thaler also noted NAFCU's support for several pending CFPB regulatory relief measures before Congress, including:

• S. 1484, the "Financial Regulatory Improvement Act";
• S.1711, which would provide a temporary safe harbor for mortgage loan transactions from enforcement of the Real Estate Settlement Procedures Act and Truth in Lending Act integrated disclosures rule;
• S. 482, the "CFPB Examination and Reporting Threshold Act"; and
• H.R. 685, the "Mortgage Choice Act."

Cordray will deliver CFPB's semiannual report to Congress, which looks at the bureau's regulatory and enforcement activities, consumer outreach, staffing and more.

In his most recent report to Congress in March, Cordray noted that credit unions and community banks did not participate in the kind of lending activity that caused the financial crisis. He also noted the importance of the bureau's credit union and community bank advisory councils and how much they influence CFBP's thinking.