The CFPB has reaffirmed its decision not to tailor rules for small financial institutions, CUNA officials said Wednesday, as they expressed dismay over the bureau's position.
"In recent meetings with CUNA, state credit union leagues and credit unions, you and your staff have indicated that the bureau has no intention to and does not believe it has to use the exemption authority to tailor its regulations toward the abusers of consumers, despite the overwhelming message from Congress," CUNA and state credit union leagues said in an Aug. 10 letter to CFPB Director Richard Cordray.
The CFPB's decision is not new; it simply reaffirms agency policy.
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