WASHINGTON–NAFCU has hand-delivered a letter to new Bureau of Consumer Financial Protection Director Kathy Kraninger in which it outlined the association’s top
tenets and priorities, in addition to providing a more detailed discussion of the priorities that specifically concern the Bureau.
The letter, signed by NAFCU President Dan Berger, raised the following points:
- The Bureau should use its exemption authority to excuse credit unions from certain rulemakings
- “Clear, transparent guidance" is needed from the Bureau on its expectations for credit unions under the unfair, deceptive, or abusive acts and practices (UDAAP) law
- Congress and regulators to need to address "supervisory gaps that may result in poor oversight of non-bank financial companies," such as fintechs
- An exemption is needed from the Bureau's payday lending rule for new iterations of the NCUA's payday alternative lending (PAL) program
- A shift at the Bureau needs to occur from a single director to a bipartisan commission, as well as making the Bureau subject to the congressional appropriations process
- An exemption should be provided for all credit unions, regardless of asset size, from the Bureau's supervisory and enforcement authority
- Reforms are needed to the Bureau's consumer complaint database, as is a cessation of publication of unverifiable consumer complaint data