WASHINGTON—NAFCU President and CEO Dan Berger praised NCUA Acting Chairman J. Mark McWatters' call in a letter to CFPB Director Richard Cordray to use the exemption authority under Section 1022 of the Dodd-Frank Act with respect to credit unions "whenever possible."
"We are grateful for Chairman McWatters' strong leadership in calling for this needed reform," Berger said. "NAFCU has long urged the CFPB to take advantage of its congressionally granted legal authority to exempt credit unions under Section 1022 of the Dodd-Frank Act. It is vital that the Bureau recognize that putting member-owned, not-for-profit credit unions under the same standards as the Wall Street banks that caused the financial crisis is counterproductive and harmful for the 107 million members credit unions serve.
"We look forward to discussing this matter further with Chairman McWatters and continuing to push for meaningful regulatory relief that would allow credit unions to focus on serving their members," Berger continued.
As CUToday.info reported, in his letter, McWatters discussed the regulatory burden for credit unions from the Home Mortgage Disclosure Act and the CFPB's approach to unfair, deceptive and abusive acts or practices (UDAAP), and the need for regulatory relief in those areas.