WASHINGTON—House Financial Services Subcommittee Chairman Sean Duffy (R-WI), along with Rep. Ed Perlmutter (D-CO), introduced legislation that would give the CFPB specific procedures to follow when the Bureau issues guidance.
The bill, HR 5534, awaits action by the House Financial Services Committee.
NAFCU noted it has repeatedly asked that the CFPB adopt a guidance process similar to other regulators where regulated entities can seek answers on unresolved or unclear issues. More guidance is needed from the Bureau that articulates clear supervisory expectations, so credit unions have the information they need to operate in a safe, sound and compliant manner, NAFCU said.
NAFCU said it continues to press for a formal avenue for individual credit unions to seek guidance and clarification from the CFPB. The Bureau has published several plain-language compliance guides for small institutions, but it has resisted issuing legal opinion letters interpreting specific rules.