CFPB announces rulemaking freeze
Acting Consumer Financial Protection Bureau (CFPB) Director Mick Mulvaney announced a freeze of rulemaking actions at the bureau, hours after CUNA sent a letter requesting a freeze on new rules and requirements.
“We’re pleased to see the bureau halt rulemaking activities for time being, as we’ve been pushing for an end to burdensome rulemakings since the start of the new administration,” said Ryan Donovan, CUNA’s chief advocacy officer. “While credit unions do not want more new rules and requirements, they do need fixes for current rules that are burdensome for credit unions, and more exemptions where possible, and CUNA looks forward to working with the bureau to get those fixes moving forward for the benefit of consumers.”
In addition to requesting an immediate freeze on new regulatory requirements affecting credit unions, CUNA requested CFPB leadership:
- Not finalize any new regulations affecting credit unions, unless they are intended to provide relief from previous regulations;
- Allow NCUA to examine and supervise all credit unions for compliance with consumer protection regulations;
- Continue to receive feedback from the Credit Union Advisory Council; and
- Use its statutory exemption authority to exempt credit unions from future rulemakings.