WASHINGTON–In the wake of the election, CUNA is calling on the CFPB to impose an “immediate moratorium” on its rulemakings.
In a letter to CFPB Director Richard Cordray, CUNA CEO Jim Nussle wrote, “This week, American voters delivered an important message: they do not feel their voice is being heard by federal policymakers and they want that to change. Many of these consumers continue to face financial challenges in their everyday life and are seeking solutions for their financial needs. Policies coming out of Washington that limit consumers' ability to obtain safe credit, or make it difficult and more expensive to access products and services from their community financial institution such as their credit union, are not making their lives better.”
Nussle said the “unnecessary, overly burdensome, and duplicative regulations” are hurting credit unions in providing services to members.
“Too many resources credit unions would otherwise apply to more fully serving their members are spent on complying with broad sweeping rules that should instead be focused on those abusing consumers,” said Nussle. “In 2014, the total financial impact of regulations and lost revenue on credit unions was $7.2 billion – a cost coming out of the pockets of consumers across America.”
Nussle said that CFPB rulemakings on mortgage reporting, underwriting and servicing, remittances, and other products have stifled CUs’ ability to best serve their members.
“In light of this and the upcoming change in administration, we urge the Bureau to cease its pending rulemaking affecting credit unions,” said Nussle.