WASHINGTON–CUNA has been targeted by a consumer group for the trade group’s support of changes to the CFPB, while its CEO, Jim Nussle, also came under fire for the political contributions he accepted while a member of Congress.
Allied Progress, which calls itself a “nationwide progressive advocacy organization that uses hard-hitting research and creative campaigns to hold Wall Street and other powerful special interests accountable, which ultimately strengthens the economic standing of America’s working class,” criticized CUNA for its position that CFPB Executive Director Richard Cordray should be replaced by a five-person commission.
“But Experts and Consumer Groups Agree Transforming the CFPB Into a Commission Would Cripple It,” reads a headline on a message distributed by the group. “Experts and consumer groups have opposed previous attempts to transform the CFPB into a commission saying such a move would “hobble the CFPB” and push the it into “gridlock and inaction,” the message continues.
The Allied Progress message goes on to add in another headline, “Credit Union Group Pushing ‘Reform’ Is Run by Ex-Congressman Who Took $1.43 Million From Industries Regulated by CFPB During His Career.”
Below the subheadline, the group states, “Former Congressman Jim Nussle (R-IA) is the president and chief executive officer of Credit Union National Association. Before losing a campaign for Iowa Governor by ten points in 2006, Nussle was a member of Congress from 1991-2007. During his time in Congress, Nussle received at least $1,436,239 from industries now regulated by the CFPB.”