CFPB Issues and Structural Reform
Credit unions are the original consumer financial protectors. Credit unions have different requirements and rules than for-profit financial institutions. Regulatory changes should focus on commonsense efforts, fully consider the impact on all consumers, and be tailored so they are not overly burdensome on credit unions. Consumers lose when their credit union must divert resources to keep up with overly burdensome regulations designed for big banks. Rules affecting credit unions should always consider our unique not-for-profit, member-owned cooperative structure, requirements, and the needs of our members. America’s Credit Unions is fighting against the CFPB’s regulatory overreach on fees and any effort to impose unnecessary burdens on credit unions.
America’s Credit Unions supports legislation changing the CFPB’s governance structure so the Bureau is led by a five-member bipartisan commission rather than a single director, which would provide for more open debate, diversity of thought, and a stable leadership structure. We also support changing the CFPB’s funding structure so the Bureau is included in the annual appropriations process, which would increase Congressional oversight of the Bureau’s regulatory and enforcement activities.