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Cornerstone Senators Sign on to CFPB Exemption Letter
Monday, July 18, 2016 7:00 AM

Sen John Boozman
Sen. John Boozman (R-AR)

Arkansas Sens. John Boozman and Tom Cotton, Oklahoma Sens. Jim Inhofe and James Lankford, and Texas Sens. John Cornyn and Ted Cruz have signed on to a letter by Sens. Ben Sasse (R-NE) and Joe Donnelly (D-IN) encouraging CFPB Director Richard Cordray to utilize the exemption authority granted under

Sen Tom Cotton
Sen. Tom Cotton (R-AR)
Section 1022 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. 

Section 1022 permits the Consumer Financial Protection Bureau to exempt classes of financial institutions like credit unions and community banks from rulemaking. However, to date, the CFPB has not exercised

Sen Jim Inhofe
Sen. Jim Inhofe (R-OK)
this authority in any meaningful way. Donnelly and Sasse circulated the letter out of concern for the impact of burdensome regulations on credit unions and community banks in their states.  

“We are very pleased that all of Cornerstone’s U.S. senators support holding

Sen James Lankford
Sen. James Lankford (R-OK)
the CFPB accountable for utilizing their exemption authority,” said Jim Phelps, Cornerstone SVP of advocacy. “This outcome was the result of sustained outreach by Cornerstone’s lobby team, as well as consistent engagement by credit unions back home. Cornerstone will continue
Sen John Cornyn
Sen. John Cornyn (R-TX)
to support all efforts which require the CFPB to exempt credit unions from their rulemaking.” 

Earlier this year, Credit Union National Association and the leagues, including Cornerstone, worked to secure 329 signatures for a similar letter from the U.S. House of Representatives. 

Sen Ted Cruz
Sen. Ted Cruz (R-TX)

Cornerstone also continues to advocate for H.R. 3048 by Rep. Roger Williams (R-TX) which would exempt credit unions and community banks under $10 billion in assets from future rules of the CFPB. H.R. 3048 currently has 45 national cosponsors.