Disputing recent assertions made by CFPB Director Richard Cordray, CUNA says the agency has done an abysmal job of tailoring its rules to the size and type of financial institutions it regulates.
"Regrettably…credit unions continue to tell us that the accommodations the CFPB continues to cite are not sufficient exemptions and they do not fully take into consideration the size, complexity, structure, or mission of all credit unions," CUNA President/CEO Jim Nussle said in a letter to Cordray this week.
In recent speeches and testimony, Cordray has touted the flexibility his agency has shown in issuing rules.
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