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CUNA Calls for CFPB Freeze in Wake of White House Directive
Monday, January 23, 2017 6:50 AM

Credit Union National Association wrote to Consumer Financial Protection Bureau Director Richard Cordray on Friday urging the bureau to impose an immediate moratorium on all of its pending and future rulemakings. CUNA believes that a directive issued by President Donald Trump on Friday is consistent with their previous request, just after the election, for a moratorium.

“With the new administration having taken office, and in light of both the recent ruling in the PHH case as well as the president’s directive for a government-wide freeze on regulations, we expect the bureau will suspend rulemaking activity that creates new burdens for credit unions and other providers,” CUNA President/CEO Jim Nussle wrote. “A moratorium will give credit unions time to catch up with all of the recently imposed requirements and it will give the bureau time to figure out how to focus its rules on Wall Street and get out of the way of Main Street.”

“Credit unions accept that they must operate in a regulated environment. But the one-size-fits-all regulation coming out of the CFPB for the last 6 years has not worked for Main Street—local credit unions, small banks and the consumers and small businesses they serve,” Nussle wrote.