70 senators ask CFPB to ease regulatory burden for credit unions

An overwhelming, bipartisan majority of 70 U.S. senators have added their voices calling on the Consumer Financial Protection Bureau (CFPB) to tailor rulemakings to protect credit unions from regulatory burden. The combined advocacy efforts of CUNA and state credit union leagues bring total congressional support from both chambers to 399 signers.

LSCU’s advocacy team worked diligently with Sen. Jeff Sessions (R-AL), Sen. Richard Shelby (R-AL), and Sen. Marco Rubio (R-FL) leading to their signatures requesting exemption for credit unions from certain rules that should instead be targeted at institutions referred to by CUNA head Jim Nussle as “bad actors.”

The letter from Sens. Joe Donnelly (D-IN) and Ben Sasse (R-NB) has a similar message as the bipartisan letter signed by 329 members of the U.S. House, led by Reps. Adam Schiff (D-CA) and Steve Stivers (R-Ohio), which was sent to CFPB Director Richard Cordray in March.

“CUNA and state leagues worked tirelessly together, and as a result we have the backing of 75 percent of Congress to provide regulatory relief to credit unions, enabling them to better serve America’s 100 million credit union members,” said CUNA President/CEO Jim Nussle. “This bipartisan support, in a time when there are few compromises, is proof that CUNA and the leagues are stronger together in getting our messages heard and acted upon by Congress.”

The senators’ letter asks CFPB to use its “robust tailoring authority” granted by Section 1022(b)(3)(A) of the Dodd-Frank Act.