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Nussle Appears in USA Today Weighing in on CFPB
Friday, February 17, 2017 6:45 AM

CUNA President/CEO Jim Nussle highlighted the need for common-sense regulation in Thursday's edition of national news outlet USA Today. In a letter to the editor, Nussle weighed in on the debate over the future of the Consumer Financial Protection Bureau.

Letter to the editor:

The goals of the Consumer Financial Protection Bureau (CFPB) are admirable. But the one-size-fits-all regulatory environment brought about by its single-director structure just isn’t working. Creating a commission of multiple voices to lead the bureau would allow it to function in the best interests of consumers.

The current regulatory environment treats Wall Street and Main Street the same.

A system that doesn’t affect the big banks but forces credit unions to withdraw consumer-friendly products from the marketplace, surely wasn’t an outcome policymakers had in mind when creating the CFPB.

It’s commendable that the CFPB has achieved $11.8 billion in relief for 29 million consumers over the past nearly six years. But credit unions deliver roughly $10 billion in savings to more than 100 million consumer members each year. Those savings are in jeopardy under a one-size-fits-all regulatory climate.