The National Association of Federally Insured Credit Unions (NAFCU) recently announced its support of efforts to provide credit unions with regulatory relief.
NAFCU President and CEO Dan Berger recently forwarded correspondence to Consumer Financial Protection Bureau Acting Director Mick Mulvaney, reiterating the Association’s request the Bureau exercise its statutory exemption authority to exclude credit unions from regulations meant to target “bad actors” in the financial services industry, not member-owned, cooperative institutions that actually help their communities.
NAFCU officials said the organization has worked closely with Mulvaney since he began leading the bureau in November, noting he has pursued a number of NAFCU-supported changes at the bureau to increase its effectiveness and transparency.
Berger wrote previous bureau leadership had not used its authority to provide regulatory relief for credit unions, despite increasing consolidation in the credit union industry as a result of immense pressures of regulatory compliance.
“The bureau should use its exemption authority to not only exempt credit unions from both its enforcement and supervisory jurisdiction,” Berger wrote. “But also future rulemakings that are likely to only impose additional burdens on credit unions and further increase the rate of industry consolidation.”
NAFCU officials said the organization provides credit unions with the best federal advocacy, education and compliance assistance in the industry.