America’s Credit Unions and The Wisconsin Credit Union League support a bill from Rep. Scott Fitzgerald, R-Wis., the Making the CFPB Accountable to Small Businesses Act (H.R. 1749). The bill would require the CFPB to consider the impact of proposed rules on small entities, and to justify its decision to not adopt certain alternatives to regulations applicable to small entities.  

“Holding the CFPB accountable is critical to relieving credit unions from burdensome overregulation and an ineffective one-size-fits-all regulatory approach. America’s Credit Unions want to ensure that the CFPB operates with much-needed transparency and is incentivized to produce right-sized regulations that support a thriving credit union industry,” said America’s Credit Unions Chief Advocacy Officer Carrie Hunt. “We look forward to continuing to work with Rep. Fitzgerald, other lawmakers, leagues, and credit unions to bring much-needed reform to the CFPB.”

“The Wisconsin Credit Union League appreciates the Congressman's work to prevent overly prescriptive, burdensome, one-size-fits-all regulation,” said Wisconsin Credit Union League President/CEO Sarah Wainscott. As not-for-profit cooperatives, credit unions are built to put members' interests first and, when resources are redirected to regulations targeting huge regional institutions, it takes away from their support for the small businesses they serve. We thank Congressman Fitzgerald for introducing this legislation to ensure credit unions are regulated responsibly and thoughtfully.  

America’s Credit Unions continues to support efforts to keep the CFPB’s regulations properly tailored to not cause undue burdens.