Representatives from the Credit Union National Association
(CUNA) addressed the Senate Banking Committee on July 14 in advance
of the Committee's July 15 Hearing with Director Richard
Cordray of the Consumer Financial Protection Bureau
(CFPB).
CUNA representatives recommended that Congress clarify and
expand the CFPB's exemption authority. This would permit
the CFPB to further exempt credit unions from its rulemaking.
According to CUNA, structural changes are necessary because the
CFPB has been "unwilling and unable" to pursue its
mission without adversely impacting how credit union members
receive services.
"We reminded the CFPB that credit unions are a positive
alternative—not the bad actors—in the payday lending
market. So credit unions should not be the focus of any new
regulations targeted to problems in the market," said
Elizabeth Eurgubian, CUNA deputy chief advocacy officer.
"As member-owned financial cooperatives, credit unions are in
a great
