Removing Barriers Blog

Pennsylvania Credit Union Association Meets with CFPB
Posted May 24, 2016 by CUNA Advocacy

Yesterday, the Pennsylvania Credit Union Association, along with CUNA's Deputy Chief Advocacy Officer & Sr Counsel Elizabeth Eurgubian met with representatives at the CFPB to discuss concerns with recent and upcoming consumer financial services regulations. The credit unions attending the meeting represented all different asset sizes, and they discussed the massive amount of regulatory burden facing credit unions in the last couple of years.

In particular, they discussed their different small dollar loan products and asked that these programs not be covered by any CFPB rulemaking designed to address irresponsible lending practices. CFPB representatives stated that they want to make sure that their upcoming proposed rule on payday and small dollar loans does not impede credit unions’ ability to offer small dollar loans to consumers, and asked the credit unions to provide comments if the rule does end up inadvertently covering their loan programs.