In an address delivered to the National Association of Federal Credit Unions’ (NAFCU) Congressional Caucus House on Wednesday, Financial Service Committee Ranking Member Maxine Waters (D-CA) called for mores substantial exemptions for credit unions from Consumer Financial Protection Bureau (CFPB) rules.
Waters indicated that she would address the issue through legislation in support of credit unions in the next Congress if the CFPB continued to offer opposition.
“I’m going to take a look at this issue in January, and if legislation is needed to clarify, I will take up that issue,” Waters said. “I don’t mind doing that because of who you are and the services you provide to our country.”
Waters also affirmed her support for the issue of the lending cap for credit unions, stating that an increase to the cap would position credit unions as a service-driven alternative to profit-driven institutions.
“NAFCU thanks Ranking Member Waters for her support of credit unions’ exemption from certain CFPB rulemakings,” NAFCU Vice President of Legislative Affairs Brad Thaler said. “She understands that credit unions provide a huge service to the American economy and the nation’s small businesses and that, with relief from overly burdensome rules, they could do much more.”