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70 Senators Support CUNA, Cornerstone Push for Regulatory Relief
Tuesday, July 19, 2016 6:50 AM

A bipartisan majority of 70 U.S. senators have added their voices calling on the Consumer Financial Protection Bureau to tailor rulemakings and ease regulatory burdens on credit unions. The combined advocacy efforts of CUNA and state credit union leagues, including Cornerstone, bring total congressional support from both chambers to 399 signers on the letter from Sens. Joe Donnelly (D-Ind.) and Ben Sasse (R-Neb.). That's 399 of 535 members of Congress, or 75 percent.

“CUNA and state leagues worked tirelessly together, and as a result we have the backing of 75 percent of Congress to provide regulatory relief to credit unions, enabling them to better serve America’s 100 million credit union members,” said CUNA President/CEO Jim Nussle. “This bipartisan support, in a time when there are few compromises, is proof that CUNA and the leagues are stronger together in getting our messages heard and acted upon by Congress.

“We thank Sens. Donnelly and Sasse for their leadership in bringing forth this letter, calling for the CFPB to use its authority—granted by Congress—to exempt credit unions from certain rules that should instead be targeted at bad actors."

The senators’ letter asks CFPB to use its “robust tailoring authority” granted by Section 1022(b)(3)(A) of the Dodd-Frank Act. It adds that while consumers should be empowered to take control over their economic lives, and bad actors be rooted out of the financial services marketplace, CFPB should “act accordingly to prevent any unintended consequences that negatively impact community banks and credit unions or unnecessarily limit their ability to serve consumers.”

"For years, Director Cordray has expressed that he doesn't feel that he has the power to exempt credit unions," said Suzanne Yashewski, Cornerstone SVP regulatory compliance. "Finally Congress is making its intent clear. We hope the clarification from both the Senate and House will lead to regulatory relief for credit unions as soon as possible."