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News Now

Washington
CUNA CUs seek exemptions from CFPB rules
WASHINGTON (4/6/11)—SECU of Maryland CEO Rod Staatz later today is expected to encourage legislators to urge the Consumer Financial Protection Bureau (CFPB) to exempt credit unions, and the pro-consumer products they provide, from any onerous rules that the CFPB may create.
SECU of Maryland CEO Rod Staatz, shown speaking before the Consumer Federation of America in 2009, will testify on behalf of his credit union and CUNA during today’s hearing. (CUNA Photo)
Staatz will testify before a House Financial Services Financial Institutions & Consumer Credit Subcommittee hearing on legislative proposals to improve the structure of the Consumer Financial Protection Bureau (CFPB). Section 1022 of the Dodd-Frank financial reform package, which authorizes the CFPB to administer, enforce, and implement financial regulations, also gives that agency the authority to exempt any class of covered entities or products from its rules. A formal exemption process has not been established, and Staatz will implore subcommittee members to ensure that a process is created in a timely fashion. The SECU CEO is one of six panelists that will testify on H.R. 1121, the Responsible Consumer Financial Protection Regulations Act, and H.R. 1315, the Consumer Financial Protection Safety and Soundness Improvement Act. H.R. 1121 would replace the single CFPB director with a five member Consumer Financial Protection Commission. Staatz is expected to suggest that legislators add additional positions to the commission, including a spot for a regulator with credit union experience. The hearing is scheduled to begin at 10 A.M. ET.


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