CFPB headquarters
America’s Credit Unions (AmCU) is calling on the White House Office of Management and Budget (OMB) to impose stronger fiscal oversight on the CFPB in its fiscal years 2025 and 2026 budget planning.
In a July 11 letter, AmCU cited the U.S. Supreme Court’s ruling earlier this year upholding the CFPB’s funding mechanism but noted, “While the Court found the Bureau’s funding mechanism permissible under the Constitution, it did not suggest the Bureau should be exempt from standard budgeting expectations or fiscal transparency.”
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The trade association urged OMB to “curb the Bureau’s tendency toward overreach by ensuring that the CFPB uses its resources effectively to pursue its mission.” AmCU warned that the agency’s rulemaking activity has surged in recent years. “Since 2021, the Bureau has issued more than 100 rules, official interpretations, enforcement actions, and other initiatives. Many of these have amounted to aggressive regulatory or supervisory actions.”
The group emphasized the mismatch between the CFPB’s actions and the cooperative nature of credit unions. “Credit unions are cooperative financial institutions that operate under a fundamentally different model than for-profit banks. They prioritize member service, financial inclusion, and community development. Yet credit unions are increasingly subject to rules that were clearly intended for larger, profit-seeking entities.”
AmCU also called for greater coordination between the CFPB and federal regulators like the NCUA to reduce duplication and conflicting oversight.
In its conclusion, the group urged the agency to be held to measurable standards. “We urge OMB to require the CFPB to justify its budget requests through a transparent, data-driven process that includes measurable goals. Such an approach will ensure that the Bureau’s actions support, rather than hinder, consumers’ access to safe, affordable financial services.”
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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.
