CUNA: CFPB Should Exempt CUs from Some Regulations (Misc News: June 5, 2012)
CUNA is calling on the Consumer Financial Protection Bureau to exempt credit unions from rulemakings because credit unions share the bureau’s objective of protecting consumers from unscrupulous service providers.
In a comment letter issued Friday, CUNA Deputy General Counsel Mary Dunn said CUNA would also like the CFPB to address remittance transfer, overdraft protection and mortgage-related regulations in its efforts to streamline financial rules.
“While the CFPB has been tasked by Congress to implement 18 laws and assume other duties, the agency was also given broad authority to minimize the compliance burdens of its rules on entities such as credit unions,” Dunn wrote in the letter. “Almost all who filed comments on streamlining in response to the initial request, including consumer groups, non-profits, and financial institutions, urged the CFPB to streamline its regulations to provide relief to financial institutions and consumers.”
“…Credit unions are more concerned than ever that the agency will impose an endless range of new requirements and data collection responsibilities on the most scrupulous service providers in the marketplace: credit unions,” she added.
The letter also calls for CFPB to minimize reporting requirements under the Dodd-Frank Consumer Protection and Wall Street Reform Act, including gender, minority status, credit scores and points and fees, for small institutions. CUNA requested that CFPB provide better estimates of the costs and resources associated with any new rules and that financial institutions be given sufficient time to comply with any regulatory changes.
Click here to read CUNA ‘s comment letter.