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HR 3048 Exempting CUs from CFPB Rules Picks Up More Cosponsors
Wednesday, March 23, 2016 7:00 AM

HR 3048, which provides credit unions with regulatory relief from more CFPB rules has picked up five more co-sponsors: Reps. Kay Granger of Texas, Dennis Ross of Florida, Scott Tipton of Colorado, Frank Guinta of New Hampshire, and Stevan Pearce of New Mexico.

These additions bring the total number of cosponsors to 40, 21 of whom added their names during or shortly after the CUNA Government Affairs Conference in Washington DC. 

During the CUNA GAC, the CFPB Director Richard Cordray stated again that he does not have the authority under current law to exempt credit unions as a group from CFPB rules, despite the authority granted in Sec. 1022 of the law which does provide the CFPB with the ability to exempt groups from their rules.

The CFPB director also testified before the US House Financial Services committee last week and was asked why he does not use the exemption authority in Sec. 1022. He reiterated his position that he does not have the authority to exempt credit unions or community banks from CFPB rules during his testimony. HR 3048 would address this issue by making the exemption affirmative, rather than leaving it to the discretion of the CFPB director.

The Community Financial Institution Exemption Act, HR 3048, would exempt credit unions and community banks under $10 billion in total assets from the CFPB’s new rules and regulations moving forward. For a list of all cosponsors on HR 3048 click here.

Contact Texas Credit Union Association President Jeff Huffman at 469-385-6488 or jhuffman@txcua.coop for more information.