NAFCU pushes back against CFPB on regulatory relief

first_imgNAFCU President and CEO Dan Berger pushed back against CFPB Director Richard Cordray’s testimony that CFPB does not need to do more to exempt credit unions from its regulation.Cordray made these statements during his testimony Wednesday before the House Financial Services Committee.“NAFCU and our members must challenge CFPB Director Cordray’s assertion that Congress did not intend to grant credit unions a blanket exemption and that is why the Bureau is not doing more to provide relief. Congress gave CFPB authority in Section 1022 to grant exemptions on a rule by rule basis,” said Berger. “Unfortunately, the CFPB has failed to exercise this broad legal authority as we believe Congress intended to allow credit unions to be exempted from certain rules.”“Moreover, the assertion that credit unions are not being negatively affected by the tidal wave of overregulation arising from CFPB and Dodd-Frank could not be more wrong,” Berger said. “Director Cordray’s denial that the tide of regulation is not contributing to the continued trend of credit unions being forced to cut back on member services, merge or go out of business flies in the face of facts.” continue reading » 3SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img

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