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The Creation of the CFPB

CUNA's former CEO responds to Executive Editor Heather Anderson's April 16 column about credit union support of the CFPB.

By Dan Mica | Updated on May 08, 2015
Today, it would certainly be hard to argue that the CFPB has not created an additional paperwork and regulatory burden. When talk of a new consumer protection agency started in Washington back in 2009, I was wary of increased regulatory burden and certain we did not need another layer of bureaucracy and red tape. Regardless, we were certain there would be a substantive and swift reaction to the 2008 meltdown. In the lead up to Dodd-Frank, and the subsequent creation of the CFPB, CUNA worked closely with credit union industry representatives across the country to assess the political realities and develop a strategy to navigate through a rapidly changing landscape.

At CUNA, we weighed the likelihood that the CFPB would become a reality and the extent to which it would have authority over credit unions. With a newly-elected president and new majorities in the Senate and the House, something was going to be enacted into law, and credit unions could not avoid inclusion. It should also be noted that the credit union system was not united on many aspects of Dodd-Frank, including the creation of the CFPB.

One benefit of being engaged at the beginning is that to this day, CUNA has a credible voice in dealing with the CFPB instead of being completely at odds and out of the conversation. I know that within any regulated industry, there are those who believe that working with regulators is akin to sleeping with the enemy. Some maintaining this position may never be satisfied with any level of engagement.

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