WASHINGTON—Ahead of yesterday’s testimony before the House by CFPB Director Rohit Chopra, CUNA and NAFCU sent a letter to the House Financial Services Committee in which they shared several key areas of concern with CFPB policies.
In addition to reiterating both associations’ longstanding call for legislative improvements to change the structure of the CFPB from a single director to a bipartisan commission and to require the Bureau to go through the congressional appropriations process, which they said would increase accountability and transparency.
Specific Recommendations
In addition, the two trade groups provided a list of several recommended principles they said should guide CFPB action, including:
- The use of the Bureau’s authority in a manner that is “consistent with the original purpose of the CFPB and the spirit of the Dodd-Frank Act”
- Appropriately tailoring regulations to reduce disruption for community-based financial institutions
- Consistent transparency during the development and implementation of rulemakings, supervision, and enforcement policies
- Coordination with NCUA to avoid the implementation duplicative or contradictory policies
- Encouraging and supporting innovation in the consumer financial services marketplace
The letter also included a breakdown of policies that are “issues of concern” for credit unions.