The U.S. Capitol
The Defense Credit Union Council (DCUC) is calling on Congress to enact sweeping reforms to the Consumer Financial Protection Bureau (CFPB), arguing that the agency’s current regulatory structure burdens credit unions serving military and veteran communities.
In a letter sent March 25 to House Financial Services Committee Chairman French Hill (R-Ark.) and Ranking Member Maxine Waters (D-Calif.), DCUC voiced strong support for legislative proposals that would restructure CFPB governance, increase accountability and tailor regulations more effectively. The letter was submitted ahead of the committee’s March 26 hearing titled “A New Era for the CFPB: Balancing Power and Reprioritizing Consumer Protections.”
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Representing over 180 defense-focused credit unions serving more than 40 million members, DCUC outlined key concerns with the CFPB’s “one-size-fits-all” approach to rulemaking. The organization cited more than 200 regulatory changes imposed on credit unions since the CFPB’s inception, costing the industry billions and disproportionately impacting smaller institutions.
“The CFPB’s sweeping rules often fail to differentiate Main Street credit unions from Wall Street banks,” DCUC wrote. “This overreach has led to fewer services, higher compliance costs and a troubling trend of credit union consolidation.”
Of note, Ana Fonseca, president/CEO of Logix Federal Credit Union, is scheduled to testify during Wednesday's hearing.
Among the reforms DCUC supports are:
- Transitioning the CFPB to a bipartisan commission model;
- Requiring CFPB funding to go through the congressional appropriations process;
- Establishing an independent Inspector General;
- Mandating cost-benefit analysis for all rulemakings; and
- Elevating small business and credit union input in the regulatory process.
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Michael Ogden
Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
