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Texas Congressman Henry Cuellar to Co-Sponsor the Community Financial Institution Exemption Act
Friday, February 5, 2016 7:00 AM

HR 3048, by Congressman Roger Williams (R-Texas, District 25), would reduce the Consumer Financial Protection Bureau rules on credit unions. The bill now has another co-sponsor from the Cornerstone states. Congressman Henry Cuellar (D-Texas, District 28) has added his support to the proposed legislation, bringing the total number of co-sponsors to 19. 

The bill would exempt credit unions and community banks with less than $10 billion in total assets from new rules and regulations issued by the CFPB unless a majority of these financial institutions are shown to have engaged in practices that are detrimental to consumers. The bill would address a major problem which is that the CFPB is imposing the same rules on small credit unions and banks as it does on “too big to fail banks.”

“These community credit unions and banks are not the problem, but they are painted with the same brush when it comes to regulations, which has been a major drain on community financial institution resources,” said Jeff Huffman, Texas Credit Union Association president. “We applaud Congressman Williams and all of the co-sponsors for their leadership to address the exemption language in the CFPB law.”

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