ALEXANDRIA, Va.–NCUA Chairman J. Mark McWatters has sent a letter to CFPB Director Richard Cordray regarding granting an exemption to credit unions for its rules on small-dollar loans, the Home Mortgage Disclosure Act, and UDAAP.
In the letter McWatters said the median size for a federally insured CU is $30 million, while the median staff size is a “mere” eight employees, and the “struggle to stay abreast of complex and evolving compliance requirements without the retention of often cost-prohibitive counsel, accountants, financial advisors and other professionals.”
The letter outlines some of the specific regulatory burdens created by the CFPB’s rules and said “regulatory relief” would aid credit unions in their service to middle class Americans.
The complete letter and the specifics outlined by McWatters can be found in CUToday.info’s The Gov here http://cutoday.ssd.thinkcreativeinternal.net/THE-gov/