Douglas Fecher, president/CEO of the $2.45 billion Wright-Patt Credit Union will tell lawmakers Tuesday to direct the Consumer Financial Protection Bureau to limit regulatory burden by using existing tools, such as the power to exempt credit unions from its rulemaking.
Fecher is scheduled to testify at 10 a.m. Tuesday before the House TARP and Financial Services subcommittee during a hearing titled, “Credit Crunch: Is the CFPB Restricting Consumer Access to Credit?”
“We believe the bureau has more authority than it has been exercising to extend relief to credit unions and others from certain compliance responsibilities,” the leader of the Fairborn, Ohio, credit union in his prepared remarks.
“We are very concerned that the bureau seems to be picking and choosing when to use the statutory flexibility Congress provided (it) in the Dodd-Frank Act. It is important that Congress aggressively urge the bureau to utilize the exemption clause so that the weight of compounding regulations that are intended for abusers and the largest of financial institutions do not overburden credit unions and other smaller financial institutions,” Fecher.
Other scheduled witnesses include CFPB Director Richard Cordray, Steven Zeisel, general counsel for the Consumer Bankers Association, Michael Calhoun, president, Center for Responsible Lending, and Mark Calabria, director of financial regulation studies for the Cato Institute.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.