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Cornerstone Comment Opposes CFPB's Proposed Payday Lending Rule
Monday, October 10, 2016 6:55 AM

On Oct. 7, Cornerstone SVP Regulatory and Compliance Counsel Suzanne Yashewski sent a comment letter to the Consumer Financial Protection Bureau regarding its proposed rule on payday lending.

In her letter, Yashewski expresses Cornerstone's opposition to the proposal as drafted. "Although we fully support CFPB's efforts to protect consumers from lenders who abuse consumers, we cannot support an overly broad proposal that pulls in reputable lenders such as credit unions," Yashewski writes. "Instead of making one rule that applies to all, the CFPB should exempt credit unions and narrowly tailor the proposal to focus on entities abusing consumers."

Read this comment letter and others here.

Yashewski expresses her gratitude to all the credit unions that submitted comment letters on this issue, and she encourages anyone who commented but isn't listed below to let her know so they can receive credit. Commenters are:

Credit Union

# Letters Sent

A+ FCU

1

Abilene Teachers FCU

1

Access Community CU

1

American Airlines FCU

1

America's CU

1

Amplify FCU

2

Arkansas Employees FCU

1

Arkansas Health Center FCU

1

Arkansas Superior FCU

1

Border FCU

1

Centex Citizens CU

1

Chemcel FCU

1

Coastal Community FCU

1

Combined FCU

1

Communication FCU

1

Corner Stone CU

1

Cosden FCU

1

CPS/IBEW FCU

1

CTECU

1

Doches FCU

1

Electric Cooperatives FCU

1

First Central CU

2

First Class American CU

1

Garland County Educators' FCU

1

GECU

1

Germania CU

3

Hereford Texas FCU

1

HSU FCU

1

InterCorp CU

1

InTouch CU

1

Jackson County FCU

1

Kingsville Area Educators FCU

1

Las Colinas FCU

1

Liberty County Teachers FCU

1

Matagorda County CU

1

Members Choice CU

1

Members CU

1

Members Financial FCU

1

Members First CU

1

Muskogee FCU

1

Oklahoma Central CU

1

Oklahoma Employees CU

1

PBA FCU

1

Pine FCU

1

RGVCU

3

River City FCU

1

San Angelo FCU

7

San Antonio FCU

1

Santa Fe FCU

1

Southland FCU

1

Southwest 66 CU

1

Tarrant County's CU

1

Temple CU

1

Texas Community FCU

1

Texas Health Resources CU

1

Texas People FCU

1

Texas Workforce CU

1

Texhillco School Employees FCU

1

Texoma Community CU

1

Tinker FCU

1

UP Arkansas FCU

2

Ward County CU

1

If you have questions about this comment letter, please contact Suzanne Yashewski at 512-853-8516 or syashewski@cornerstoneleague.coop.