Credit unions could be freed up to spur more economic growth if Congress exempted many – if not all – of them from CFPB rulemaking and enforcement, trade groups told the Senate Banking Committee this week.
"By more clearly directing the CFPB to provide meaningful exemptions for institutions with a history of providing safe and affordable financial services, these institutions – credit unions and small banks – can take resources they intend to apply to compliance and invest them instead in their local economy," CUNA and state credit union leagues said in a letter to the committee.
NAFCU President/CEO B. Dan Berger agreed.
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