Ahead of this week's Senate Banking Committee hearing tackling workforce consumer protections, America’s Credit Unions President/CEO Jim Nussle highlighted concerns with CFPB Director Rohit Chopra’s regulatory approach, which in recent days has not given the appearance of a “measured and deliberate regulator but instead of one rushing to get its priorities out the door at the end of its term.”

This includes the final overdraft rule released by the CFPB Thursday morning, which Nussle said puts credit unions in "an impossible position."

“Director Chopra’s recent actions demonstrate why both of our legacy associations have long advocated for a five-person commission, rather than a single director, to lead the CFPB,” added Nussle.

America’s Credit Unions previously called for the CFPB to delay any significant regulatory activities until after the 2025 presidential transition to ensure policies are aligned and to avoid legal challenges.  

Nussle also outlined several key principles that should guide any CFPB action. The hearing was the last scheduled hearing of the Committee this year, which would mark the last hearing for Committee Chairman Sherrod Brown, D-Ohio, who lost his bid for re-election last month. Senators from both parties took time at the hearing to recognize the work of Chairman Brown during his time in Congress.

Wednesday’s hearing also marked the first hearing for new Senators Adam Schiff, D-Calif., and Andy Kim, D-N.J. Both were appointed to open seats on the Senate Banking Committee after winning elections for their respective seats last month.

Read the full letter.