CFPB Reform

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, needed greater protections. CUNA believed that the Consumer Financial Protection Bureau could be an effective way to achieve that protection, provided the agency did not impose duplicative or unnecessary regulatory burdens on credit unions. In order for such a 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 was created, the crisis of creeping complexity with respect to credit union regulatory burden has worsened.  Changes to the structure of the Bureau could help improve the regulatory environment for credit unions, which is why CUNA supports 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.

Dear Colleague letter from Representative Pittenger and Representative Heck on Supporting H.R. 1195, the Bureau of Consumer Financial Protection Small Business Advisory Board Act of 2015

Letters to Congress

Letter of Support for King/Rounds (S.1963), which would codify the CFPB's Credit Union Advisory Council. 8/5/2015

Joint Trades Statement for the Record on H.R. 1266, Financial Product Safety Commission Act of 2015. 6/11/2015

Letter of Support for H.R. 1195, the Bureau of Consumer Financial Protection Advisory Boards Act. 4/21/2015

Letter of Support for H.R. 1265, the Bureau Advisory Commission Transparency Act. 4/13/2015

Letter of Support for H.R. 1265, the “Bureau Advisory Commission Transparency Act”. 3/16/2015

Letter of Support for S. 482, the Consumer Financial Protection Bureau Examination and Reporting Threshold Act. 3/16/2015

Letter of Support for H.R. 1263, FSOC's ability to set aside a ruling of The CFPB. 3/5/2015

Proposals to Improve Transparency and Accountability at the CFPB. 6/9/2014

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)

Right Promo-AdvocacyRight Promo- Membership