DCUC Urges Balanced CFPB Approach Ahead Of Johnson Confirmation Hearing
By CU Today Staff —
WASHINGTON--Ahead of Thursday's Senate Banking Committee confirmation hearing for Consumer Financial Protection Bureau director nominee Brian Johnson, the Defense Credit Union Council urged lawmakers to pursue a balanced regulatory approach that promotes consumer protection while providing credit unions with greater regulatory certainty and appropriately tailored oversight.
While welcoming Johnson's extensive background in consumer financial policy, DCUC requested the Committee examine how his leadership would protect consumers while recognizing the unique structure and mission of not-for-profit credit unions.
"Consumer protection and regulatory accountability are not competing priorities; they are complementary ones," said Jason Stverak, DCUC Chief Advocacy Officer. "The next CFPB director has an opportunity to strengthen public confidence by focusing enforcement on demonstrable consumer harm, promoting clear and consistent regulatory expectations, and ensuring credit unions can continue delivering affordable financial services to the communities that depend on them most, including our nation's servicemembers, veterans, and military families."
In its letter, DCUC outlined several priorities for the Bureau's next leader, including:
"The CFPB's decisions extend far beyond regulatory compliance," stated Anthony Hernandez, DCUC president/CEO, ret. U.S. Air Force colonel. "They influence the availability of affordable financial services, the pace of innovation across the financial sector, and the ability of credit unions to continue investing in the financial readiness of military communities. Effective regulation should protect consumers without limiting the institutions that are helping them build long-term financial security."
Defense credit unions serve millions of members worldwide, including active-duty servicemembers, veterans, military families, and civilian communities. DCUC reminded that a transparent, predictable regulatory framework will help preserve consumer choice, foster innovation, and ensure financial institutions remain equipped to meet evolving economic and security challenges.
DCUC also submitted a series of questions for the record encouraging Johnson to address regulatory accountability, military consumer protections, fraud prevention, emerging financial technologies, and collaboration with the credit union industry.
Originally reported by CU Today.