Seeking CFPB focus on bad actors after changes to funding
Urging the CFPB to refocus its efforts on bad actors, America’s Credit Unions sent a letter Friday to the Office of Management and Budget (OMB) seeking clarity on future CFPB funding and operations. OMB Director Russ Vought, who is also serving as the acting bureau director, indicated in February he would halt any further CFPB funding draws and that no additional funds are necessary to carry out the bureau’s authorities for the remainder of FY25.
In the letter, America’s Credit Unions:
- Emphasizes that resources should be targeted at “bad actors,” safeguarding consumers without burdening compliant credit unions; and
- Seeks confirmation that, under the lower funding cap, supervisory and enforcement efforts will be directed toward egregious violations, consumer complaints, and protection of vulnerable populations.
America’s Credit Unions Head of Regulatory Advocacy James Akin shared appreciation for efforts to bring the CFPB into alignment with its statutory mandate while asking for the additional clarity, stating, “while we commend the CFPB’s more reasonable and mission-centric focus, we are seeking further insight into how the Bureau envisions its operations and funding strategy moving forward under these new conditions.”
Advertisement
