Removing Barriers Blog

CUNA Sends Letter to Treasury Secretary
Posted April 28, 2017 by Chandler Schuette

Yesterday, CUNA sent a letter to the Department of Treasury’s Secretary Steven Mnuchin thanking the Treasury for hosting the Credit Union Roundtable on April 4th and providing additional information on the ways regulations can be streamlined and more manageable for credit unions.  The Treasury has been holding similar roundtables to gather information as it prepares a paper in response to the President’s Executive Order, issued on February 3, on Core Principles in Regulating the United States Financial Systems. 

As requested, the letter not only supplements the input from credit union representatives from across the country, but also highlights the credit union difference and a number of regulatory burdens credit unions continue to face in the wake of the Dodd-Frank Act and the creation of the CFPB.   In addition to concerns credit unions encounter, CUNA also outlined recommendations on how to streamline and ease the burden on the following:  

  • CFPB Procedure and Oversight 
  • Residential Mortgage Lending 
  • Non-Mortgage Regulatory Requirements 
  • The FCC’s Telephone Consumer Protection Act (TCPA) Order
  • The Department of Defense’s new Military Lending Act   

CUNA welcomes the opportunity to continue the dialogue with the Treasury and hopes this is the first of many occasions to discuss the credit union difference with the new Administration.  Streamlining, simplifying, and better targeting regulations to the problem actors in the industry will weed out the bad financial actors and help credit unions better serve their 110 million members across the country.