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Removing Barriers Blog

CFPB Director Update: CUNA Sends Note to Mulvaney in Support of Credit Union Difference
Posted November 27, 2017 by Chandler Schuette

On the Friday after Thanksgiving, the CFPB Director Cordray officially resigned and subsequently named Leandra English as deputy director before resigning, indicating English would become acting director upon his resignation. Meanwhile, President Donald Trump named Office of Management and Budget Director Mick Mulvaney as interim director of the bureau.  

Earlier today, CUNA sent this letter to Director Mulvaney. English has filed litigation challenging Mulvaney's appointment and the DoJ and the CFPB have issued legal memorandums in support of the Administration. In the letter CUNA went into detail on a number of requests including: 

  • The Bureau should not finalize any new regulatory requirements affecting credit unions, unless they are intended to provide relief from prior regulations.  

  • The CFPB leadership should place an immediate freeze on proposing new regulatory requirements that will affect credit unions.  

  • The CFPB should allow the National Credit Union Administration (NCUA) to administer the examination and supervision of all credit unions for compliance with consumer protection regulations, including those over $10 billion in asset size.  

  • The CFPB must effectively use its statutory exemption authority.  

As stated in the letter, “America’s credit unions value the CFPB's mission…unfortunately, credit unions’ ability to provide their top quality and consumer-friendly financial products and services has been significantly impeded over the last several years under the CFPB's jurisdiction. This fact is due to the CFPB's overly broad rules that have imposed additional requirements on credit unions for the mistakes and irresponsible practices of other industry stakeholders.” 

No matter who becomes the official Interim Director and the future permanent Director of the CFPB, CUNA will continue to advocate on behalf of America’s credit unions and their 110 million members to ensure the credit union difference is understood and that regulations are properly tailored for size and complexity.