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HR 3048 Filed in U.S. House of Representatives to Exempt Credit Unions from CFPB Rules
Wednesday, July 15, 2015 7:00 AM

Congressman Roger Williams (R-Austin) filed HR 3048, Community Financial Institution Exemption Act, on Tuesday July 14th.  The bill would exempt credit unions and community banks with less than $10 billion in total assets from all rules and regulations promulgated by the Consumer Financial Protection Bureau (CFPB) going forward. The Bureau could revoke an exemption to a specific rule relating to a specific class of community financial institution if the CFPB makes a detailed, written finding  that the class of community financial institutions has engaged in a pattern or practice of activities that were detrimental to the interests of consumers.

The bill also allows the Bureau to change a rule or regulation issued prior to the date of enactment if the effect of the change expands a current exemption or reduces the costs and the regulatory burden associated with complying with the rule or regulation on credit unions or community banks.

“It is an exciting development in our ongoing efforts to reduce regulatory burdens for our credit unions,” said Dick Ensweiler, President and CEO of Cornerstone Credit Union League.  “Credit unions in the Cornerstone Credit Union League region greatly appreciate Congressman Roger Williams’ leadership on this critical issue. This important legislation will ensure that consumers are protected by allowing credit unions and community banks to focus on serving the needs of their members and customers rather than spending resources on ever-growing regulations.”

The Cornerstone Credit Union League has been working with Congressman Williams to develop HR 3048. Congressman Williams bill addresses one of the biggest challenges facing credit unions today, the overwhelming array of regulations that must be understood and complied with to be able to provide services to credit union members. Even though credit unions and community banks were not the cause of the financial collapse in 2008, they have carried an inordinate burden of regulations promulgated at the CFPB.

A copy of HR 3048 is attached.

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

PDF HR 3048 -- Community Financial Institution Exemption Act