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| CFPB Reform Recommendations shared with House Committee |
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Providing the credit union perspective, America’s Credit Unions responded Friday to a House Financial Services Committee request for feedback on a discussion draft of legislation to reform the structure and powers of the CFPB.
“We appreciate provisions that would strengthen Congressional oversight, improve transparency in CFPB rulemaking, restore limits on the Bureau’s authority, promote responsible innovation, and reduce duplicative supervision of credit unions that are already subject to comprehensive oversight by the NCUA,” wrote Senior Vice President of Advocacy Greg Mesack.
The letter offers recommendations on:
• Placing the bureau under the regular appropriations process;
• Restructuring the bureau to create a five-person, bipartisan commission rather than a single director;
• Applying more rigorous statutory standards to the CFPB’s regulatory cost-benefit analysis process to increase transparency, accuracy, and accountability;
• Language in the discussion draft related to the bureau’s use of its authority over unfair, deceptive, or abusive acts or practices (UDAAP);
• Promoting innovation in consumer financial markets;
• Preventing regulation by enforcement; and
• Promoting effective, predictable supervision.
America’s Credit Unions has testified before Congress on CFPB reform in recent years and continues to advocate to advance reforms that preserve strong consumer protection while recognizing the unique structure, mission, and existing supervision of credit unions.
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