Douglas Fecher, president/CEO of the $2.45 billion Wright-Patt Credit Union told lawmakers last week 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 testified 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 said.
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