CUNA Asks Congress to Direct CFPB To Exempt Credit Unions From Its Rules
PoliticoPro
April 14, 2017
The Credit Union National Association today urged Congress to direct the CFPB to exempt credit unions and small banks from its rulemaking.
“The Bureau’s unwillingness to exercise fully its exemption authority has resulted in credit unions reducing the availability of or eliminating entirely, safe and affordable financial products from the market,” the group said in a letter to Senate Banking Committee Chairman Mike Crapo and ranking member Sherrod Brown. It was responding to the lawmakers’ requests for proposals to spur economic growth.
The group called for “additional operating flexibility [for] smaller, well-regulated community financial institutions that did not cause the financial crisis.” It cited a bill from Rep. Roger Williams (R-Texas), H.R. 1264, that “would be a good start toward this end.”
CUNA also called on lawmakers to eliminate the cap on business lending by credit unions, provide further statutory room for credit unions to serve a wider amount of people, and change the classification for credit union loans to certain non-owner-occupied residential properties.
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