Credit union association calls for CFPB to halt rulemaking

by Ryan Smith15 Nov 2016
A credit union trade association is calling on the Consumer Financial Protection Bureau to suspend its rulemaking after Donald Trump’s victory.

One of Trump’s key campaign promises was to “dismantle” the Dodd-Frank Act and place a “temporary moratorium on all new regulation.”

Now the Credit Union National Association, a trade association, is calling on the CFPB to suspend new regulation immediately, according to a HousingWire report.

“On behalf of America’s credit unions, I am writing to urge the Consumer Financial Protection Bureau to impose an immediate moratorium on all of its pending and future rulemakings, other than those providing corrective regulatory relief,” Kim Nussle, CUNA president and CEO, wrote in a letter to CFPB Director Richard Cordray. “This week, American voters delivered an important message: they do not feel their voice is being heard by federal policymakers and they want that to change.”

Nussle said that “unnecessary, overly burdensome, and duplicative” regulations are barring some consumers from access to credit.

“Too many resources credit unions would otherwise apply to more fully serving their members are spent on complying with broad sweeping rules that should instead be focused on those abusing customers,” he wrote.