Removing Barriers Blog

CFPB Director Update: Mulvaney Announces Regulatory Freeze at CFPB
Posted November 27,2017 by CUNA Advocacy

Acting Consumer Financial Protection Bureau (CFPB) Director Mick Mulvaney announced a freeze of rulemaking actions at the bureau Monday, several hours after CUNA sent a letter requesting a freeze on new rules and requirements.

CUNA is pleased to see the bureau halt rulemaking activities for the time-being. We have been pushing for an end to burdensome rulemakings since the start of the new Administration. Our request was to continue with regulatory relief efforts but halt any new rules that would impact credit unions as they continue to digest the thousands of pages of new rules promulgated by the CFPB over the past few years.

Notably, this would halt the CFPB's efforts surrounding writing new requirements for debt collection, overdraft protection, and small business loan data collection. CUNA has urged the CFPB to continue to study these issues and to focus and policymaking in those areas on abusers of consumers, rather than credit unions. CUNA has also provided and outline of steps the CFPB should take.

While credit unions do not want more new rules and requirements, they do need fixes for current rules that are burdensome for credit unions, and more exemptions where possible, and CUNA looks forward to working with the bureau to get those fixes moving forward for the benefit of consumers.