CUNA President/CEO Jim Nussle discussed a wide range of credit union issues Nov. 4 with CFPB officials, including Richard Cordray, the bureau's director.
"CUNA emphasized regulatory burdens associated with a number of CFPB rules. For example, we urged the CFPB to only implement statutory changes and not impose additional requirements on credit unions," Nussle said Friday.
He added, "We also discussed the importance of best practices in an effort to stress the significance of minimizing new rules for credit unions so they can focus on serving their members."
According to CUNA, Nussle also met with Deputy Director Steven Antonakes and Director of the Office of Financial Institutions and Business Liaison Dan Smith.
CUNA Chief Policy Officer/Chief Economist Bill Hampel and Deputy General Counsel Mary Dunn were in attendance at the meeting.
"CUNA requested the meeting, which covered data security breaches, overdraft protection plans, the Home Mortgage Disclosure Act, international remittance transfers and exemption levels for credit unions relative to CFPB rules," the trade association said.
CUNA said it is in the process of conducting a new survey with credit unions on international remittance transfers and additional surveys pertaining to regulatory issues will be coming in the future.
The results of the surveys will "shape CUNA's continued regulatory advocacy with the CFPB," the trade group said.
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