Removing Barriers Blog

CUNA Writes to Senate Banking Committee Prior to Hearing about Banking Agencies
Posted May 01, 2019 by CUNA Advocacy

CUNA wrote to Chairman Crapo and Ranking Member Brown prior to the Senate Banking Committee hearing entitled, “Guidance, Supervisory Expectations, and the Rule of Law: How do the Banking Agencies Regulate and Supervise Institutions?”

The letter included the recent letter CUNA sent the Consumer Financial Protection Bureau Director Kraninger regarding the Bureau’s supervision of the nation’s not-for-profit credit unions.

“Not only does the [Consumer Financial Protection] Bureau have the authority to delegate the supervisory responsibilities for credit unions with more than $10 billion in assets to the NCUA, but it should do so based on credit unions’ deep history of consumer protection, the support this action has received from NCUA, the protections in the Dodd-Frank Act that preserve the Bureau’s authority, and the opportunity this action presents to reallocate supervisory resources to other critical Bureau priorities,” reads a letter sent to the Senate Banking Committee on regulatory guidance

On behalf of America’s credit unions and their 115 million members, CUNA will continue to advocate for the CFPB to delegate authority to the NCUA.