During consideration of the
Dodd-Frank Act, CUNA argued that consumers of financial products, especially
consumers of products and services provided by currently unregulated entities,
need greater protections and the Consumer Financial Protection Bureau could be
an effective way to achieve that protection, provided the agency does not
impose duplicative or unnecessary regulatory burdens on credit unions. In order
for such the Bureau to work, consumer protection regulation must be
consolidated and streamlined; it should not add to the regulatory burden of
those who have been regulated and performed well, such as credit unions.
In the years since the CFPB stood up, the crisis
of creeping complexity with respect to credit union regulatory burden has not
diminished; rather it has gotten worse. Changes to the structure of the
Bureau could help improve the regulatory environment for credit unions, which
is why CUNA is support of legislation to change the leadership structure of the
CFPB, the powers of the Financial Stability Oversight Council (FSOC), the
funding of the Bureau and the use of consumer information by the Bureau.
CFPB Reform Talking Points
One page document outlining major arguments in favor of CFPB reform legislation.
Letters to Congress
Letter to the United States House of Representatives urging support of H.R. 3193, the Consumer Financial Protection Safety and Soundness Improvement Act of 2013 Bill Cheney (02.10.14)
Support letter regarding the full committee mark-up of bills related to the structure of the Bureau of Consumer Financial Protection
Letter for the record of the hearing on legislative proposals to reform the Consumer Financial Protection Bureau
Archived CFPB Reform Documents (2009-2012)