ACU Backs Sweeping CFPB Reforms, Including Bipartisan Commission
By CU Today Staff —
WASHINGTON—America’s Credit Unions is urging Congress to overhaul the structure and powers of the CFPB, telling the House Financial Services Committee that reforms should increase congressional oversight and transparency while reducing duplicative supervision of credit unions already regulated by the NCUA.
“We appreciate provisions that would strengthen Congressional oversight, improve transparency in CFPB rulemaking, restore limits on the Bureau’s authority, promote responsible innovation, and reduce duplicative supervision of credit unions that are already subject to comprehensive oversight by the NCUA,” wrote Senior Vice President of Advocacy Greg Mesack. The letter offers recommendations on:
America’s Credit Unions added that it has testified before Congress on CFPB reform in recent years and continues to advocate to advance reforms that preserve strong consumer protection while recognizing the unique structure, mission, and existing supervision of credit unions.
Originally reported by CU Today.