Removing Barriers Blog

Letter sent prior to Director Kraninger testifying in House and Senate Committees
Posted July 29, 2020 by CUNA Advocacy

Kathy Kraninger, Director of the CFPB, testified on both sides of the capitol this week for the CPFB's semi-annual report to Congress.  Prior to both hearings, CUNA wrote to Chairman Crapo (R-ID) and Ranking Member Brown (D-OH) and to Chairwoman Waters (D-CA) and Ranking Member McHenry (R-NC).  Both letters urged for additional flexibility and compliance assistance for the duration of the pandemic.

Needed flexibility for the duration of the pandemic includes:

  • Avoiding implementing any new rules that would unnecessarily tie-up compliance resources or add to regulatory burden;
  • Suspending unnecessary onsite examination activities and reducing the frequency of requests for examination-related information;
  • Expanding “good faith efforts to comply” supervision policies to additional areas where credit unions are acting swiftly to assist members in need; and
  • Continuing to coordinate with other federal banking regulators, especially NCUA, to issue up-to-date guidance on mortgage servicing as more borrowers seek out forbearance and other means of assistance during the pandemic.

CUNA also called on Congress to act to protect credit unions from frivolous litigation arising from actions to assist financially distressed members during the pandemic, to establish a bipartisan commission to lead the CFPB and reiterated its call for the CFPB to ensure execution of its regulatory agenda ensures credit unions are able to provide safe and efficient products and services.