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Lawmakers Lobby for CFPB to Exempt Credit Unions from Rulemakings

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first_img Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: CFPB Credit Unions Regulatory Burden Regulatory Oversight Servicers Navigate the Post-Pandemic World 2 days ago CFPB Credit Unions Regulatory Burden Regulatory Oversight 2016-03-15 Brian Honea March 15, 2016 1,385 Views Share Save  Print This Post Demand Propels Home Prices Upward 2 days ago A bipartisan group of 329 members of the U.S. House of Representatives wrote a letter to Consumer Financial Protection Bureau (CFPB) Director Richard Cordray urging the director to use the CFPB’s authority granted by the Dodd-Frank Act to exempt credit unions from certain regulations set forth by the Bureau.The relationship between the regulator for credit unions, the Credit Union National Association (CUNA), and the CFPB has been a rocky one since the Bureau’s formation nearly five years ago, with CUNA claiming that credit unions should not fall under the CFPB’s oversight because they did not play a role in the 2008 financial crisis. Cordray may have fanned the flames in February when he defended the Bureau’s oversight of credit unions and several of the Bureau’s mortgage-related regulatory changes, namely the Qualified Mortgage rule and the new servicing rules, in a public speech at CUNA.Reps. Adam Schiff (D-California) and Steve Stivers (R-Ohio) led the bipartisan group of House members in writing the letter, which praised credit unions and community banks for the “safe and sound” lending opportunities they provide for their customers. The lawmakers also noted in their letter that the CFPB routinely does not distinguish credit unions and community banks from the largest lenders for which their regulations were intended.The CFPB “may unintentionally burden community-based financial institutions and limit the choice and availability of consumer credit,” according to the letter.“(The CFPB) may unintentionally burden community-based financial institutions and limit the choice and availability of consumer credit.”The letter cited a recent report by the Government Accountability Office on the regulatory impact of some of the provisions set forth by Dodd-Frank, and “the study found that there are a number of cases where financial services have been limited or discontinued by community-based financial institutions due to new requirements.”The lawmakers pointed out that Section 1022(b)(3)(a) of the Dodd-Frank Act gives the CFPB authority to exempt “any class” of entity from its rulemakings and regulations.“As you undertake rulemakings, we urge you to consider the benefits credit unions and community banks provide and ensure that regulations do not have the unintended consequence of limiting services or increasing costs for credit union members or community bank customers,” the House members wrote.The National Association of Federal Credit Unions (NAFCU) praised the lawmakers’ efforts.“We thank Representatives Schiff and Stivers for their leadership on this issue, as well as all of the members of Congress that signed the letter for their recognition of the overwhelming regulatory burden facing today’s credit unions,” NAFCU Vice President of Legislative Affairs Brad Thaler said.Click here to view the entire letter. in Daily Dose, Featured, Government, News Demand Propels Home Prices Upward 2 days ago Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. About Author: Brian Honea Governmental Measures Target Expanded Access to Affordable Housing 2 days agocenter_img Subscribe Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Sign up for DS News Daily Previous: What is Keeping Consumer Credit Default Rates Low? Next: The Pros and the Cons of Closing with TRID The Week Ahead: Nearing the Forbearance Exit 2 days ago Home / Daily Dose / Lawmakers Lobby for CFPB to Exempt Credit Unions from Rulemakings Related Articles Lawmakers Lobby for CFPB to Exempt Credit Unions from Rulemakings Governmental Measures Target Expanded Access to Affordable Housing 2 days agolast_img read more