The Credit Union National Association (CUNA) is encouraging the Bureau of Consumer Financial Protection (BCFP) to focus on regulatory changes required under the Economic Growth, Regulatory Relief and Consumer Protection Act in order for credit unions to better serve their members.
CUNA officials sent a letter on June 27 to BCFP Acting Director Mick Mulvaney as a means of emphasizing
relief will not be realized until the provisions are implemented by the Bureau while also requesting
consideration of utilizing interim final rules to expedite the process of promulgating changes.
“We point to the quick work by the National Credit Union Administration (NCUA) to amend its Member Business Loan rule to implement S. 2155 changes to exclude certain loans from a credit union’s member business loan cap,” the letter said. “We ask the Bureau to follow the NCUA’s lead and implement statutorily required regulatory changes that will alleviate some of the regulatory compliance burden on credit unions. Some of these changes, such as those under Section 104 that will roll back onerous Home Mortgage Disclosure Act (HMDA) data points imposed by the Dodd-Frank Wall Street Reform and Consumer Protection Act, will provide meaningful relief to many of our nation’s credit unions and other covered lenders.”
CUNA maintains it is imperative credit unions and others are afforded the opportunity to provide input on the regulatory changes – noting use of interim final rules provides the ability for such input while significantly decreasing the time until real relief is provided to affected lenders.
CUNA officials said the organization serves as the only national association advocating on behalf of all of America’s credit unions, which are owned by 110 million consumer members, adding that along with its network of affiliated state credit union leagues, delivers advocacy, continuous professional growth and operational confidence to protect the best interests of all credit unions.