Removing Barriers Blog

70 Senators Sign on to CFPB Letter Orchestrated by CUNA/League Advocacy
Posted July 18, 2016 by CUNA Advocacy

An overwhelming, bipartisan majority of 70 U.S. senators have added their voices to a letter calling on the CFPB to tailor its rulemakings to protect credit unions from regulatory burden. The combined advocacy efforts of CUNA and state credit union leagues brings the total congressional support from both chambers to 399 signers.

The letter from Sens. Joe Donnelly (D-Ind.) and Ben Sasse (R-Neb.) has a similar message as the bipartisan letter signed by 329 members of the U.S. House, led by Reps. Adam Schiff (D-Calif.) and Steve Stivers (R-Ohio), which was sent to CFPB Director Richard Cordray in March. 

We now have the backing of 75% of Congress to provide regulatory relief to credit unions. We thank Sens. Donnelly and Sasse for their leadership in bringing forth this letter, calling for the CFPB to use its authority--granted by Congress--to exempt credit unions from certain rules that should instead be targeted at bad actors. 

The senators’ letter asks CFPB to use its “robust tailoring authority” granted by Section 1022(b)(3)(A) of the Dodd-Frank Act. It adds that while consumers should be empowered to take control over their economic lives, and bad actors be rooted out of the financial services marketplace, CFPB should “act accordingly to prevent any unintended consequences that negatively impact community banks and credit unions or unnecessarily limit their ability to serve consumers."