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Mulvaney Announces Freeze of CFPB Rulemaking Actions
Tuesday, November 28, 2017 6:45 AM

Acting Consumer Financial Protection Bureau Director Mick Mulvaney announced a freeze of rulemaking actions at the bureau Monday, several hours after CUNA sent a letter requesting a freeze on new rules and requirements.  

In the letter, CUNA President/CEO Jim Nussle—himself a former OMB director—said that CFPB has issued broad rules that are intended to rein in the “irresponsible practices of other industry stakeholders." He added that the agency has repeatedly failed to consider the size, complexity, structure, and mission of credit unions.

Nussle also said the agency should not finalize any rule affecting credit unions unless they are intended to provide relief for credit unions. He asked Mulvaney to ensure that no new rules are proposed that will affect credit unions and that the CFPB allow the NCUA to administer examination and supervision of all credit unions—even ones that have more than $10 billion in assets.

In addition, CUNA requested that CFPB leadership continue receiving feedback from the Credit Union Advisory Council and that it use its statutory exemption authority to exempt credit unions from future rulemakings.

Cornerstone agrees with CUNA regarding the need for the freeze. "We support the CFPB decision to halt rulemaking," said SVP Regulatory Compliance Counsel Suzanne Yashewski. "Cornerstone and our member credit unions have been pushing for regulatory relief for years, and this is a step in the right direction."

Ryan Donovan, CUNA’s chief advocacy officer, said, “While credit unions do not want more new rules and requirements, they do need fixes for current rules that are burdensome for credit unions, and more exemptions where possible, and CUNA looks forward to working with the bureau to get those fixes moving forward for the benefit of consumers.”