CFPB Improvements

Created by the Dodd Frank Wall Street Reform and Consumer Protection Act, the Consumer Financial Protection Bureau (CFPB) has created significant unwarranted regulatory burdens for credit unions.  NAFCU has consistently taken the position that credit unions should be exempt from the CFPB's oversight. As such, reforming the CFPB has always been a top priority for NAFCU advocacy and we remain committed to working to achieve real regulatory relief for credit unions and your members.

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Our Position

Credit unions did not contribute to the financial crisis yet are still subject to increasing regulatory requirements mandated under the Dodd-Frank Act. Accordingly, broad-based regulatory relief continues to be a top priority for NAFCU and its member credit unions.

NAFCU believes a healthy and appropriate environment is important for credit unions to thrive.  History has shown that a robust and thriving credit union industry is good for our nation’s economy, as credit unions fill a need for consumers and small businesses in the financial services marketplace that may otherwise not be met by other institutions.

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How This Impacts You

In June 2017, House Financial Services Committee Chairman Jeb Hensarling's (R-TX) Financial CHOICE Act of 2017 was passed by the House of Representatives. The CHOICE Act includes reform of Consumer Financial Protection Bureau as well as numerous NAFCU-supported regulatory relief provisions already marked-up and passed by the committee. The measure now awaits consideration by the Senate. NAFCU will continue to work to ensure that the best interests of credit unions are preserved as the bill moves through the legislative process.

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