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CUNA's Nussle Meets with CFPB on CU Issues
Friday, November 7, 2014 6:35 AM

Earlier this week, Credit Union National Association President/CEO Jim Nussle met with Consumer Financial Protection Bureau officials to discuss a host of issues pertaining to credit unions. In particular, Nussle spoke to CFPB Director Richard Cordray, Deputy Director Steven Antonakes, and Director of the Office of Financial Institutions and Business Liaison Dan Smith.

The meeting, which also included Chief Policy Officer/Chief Economist Bill Hampel and Deputy General Counsel Mary Dunn, covered data security breaches, overdraft protection plans, the Home Mortgage Disclosure Act, international remittance transfers, and exemption levels for credit unions relative to CFPB rules.

"CUNA emphasized regulatory burdens associated with a number of CFPB rules. For example, we urged the CFPB to only implement statutory changes and not impose additional requirements on credit unions," Nussle said. "We also discussed the importance of best practices in an effort to stress the significance of minimizing new rules for credit unions so they can focus on serving their members."

Nussle said the director and deputy director were generous with their time, that they are aware of credit unions' concerns, and will continue meeting with them to discuss the issues. CFPB officials stressed the importance of data to support any concerns that should arise.

CUNA is conducting a new survey on international remittance transfers, and more regulatory issue surveys are in the works. Those results will shape CUNA's continued regulatory advocacy with the CFPB.