WASHINGTON—Efforts by Rep. Ander Crenshaw (R-FL) and Rep. Hal Rogers (R-KY) to include several NAFCU-backed relief provisions in the bill text and report language that accompanied the Financial Services and General Government Appropriations Bill passed Thursday in the House are being applauded by the trade group.
The NAFCU-backed relief measures in the bill include a change to the leadership structure of the Consumer Financial Protection Bureau from a single director to a five-member commission, and would further bring the bureau’s funding under congressional appropriations. In addition, lawmakers retained report language sought by NAFCU to seek greater CFPB exemptions for small institutions and give relief to financial institutions from the FCC’s order on robocalls under the Telephone Consumer Protection Act (TCPA).
“NAFCU and our members appreciate the leadership of subcommittee Chairman Crenshaw and full committee Chairman Rogers for putting forth measures,” said NAFCU President and CEO Dan Berger. “Going forward, we hope the Senate will keep the relief measures in the legislation and accompanying report that allow credit unions to better serve their 103-million members.”
NAFCU said it was the only credit union trade association to oppose subjecting credit unions to CFPB authority under Dodd-Frank. The association maintains that CFPB has the authority – and should be using that authority – to exempt credit unions from regulations aimed at bad actors.