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Call for CFPB to protect credit unions hits 330 signers, and counting

first_imgThe number of federal legislators calling for the Consumer Financial Protection Bureau (CFPB) to use its authority to protect credit unions hit 330 as of Wednesday, with a final count likely to come by the end of the week. This effort has been fully led by credit unions.The letter, composed by Reps. Adam Schiff (D-Calif.) and Steve Stivers (R-Ohio), has garnered support from both sides of the aisle.“With major rules already being implemented and new regulations on the horizon, our letter reminds the CFPB that Congress intentionally provided for regulatory flexibility to mitigate collateral damage on smaller financial institutions,” Schiff and Stivers noted in their call for signers.The letter itself cites the section of the Dodd-Frank Act that states the CFPB has the authority to adapt regulations by allowing it to exempt “any class” of entity from its rulemaking.The creation of the letter, and the widespread support it has garnered, represents a successful deployment of the “fierce, 360-degree advocacy” Credit Union National Association President/CEO Jim Nussle has touted, including recently at the recent CUNA Governmental Affairs Conference. continue reading » 12SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img read more

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