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In an address that drew considerable applause from the more than 5,200 credit union representatives attending the 2018 Credit Union National Association (CUNA) Governmental Affairs Conference, Mick Mulvaney, Acting Director of the Consumer Financial Protection Bureau (CFPB), pledged to maintain the agency's role in protecting consumers but said the bureau would no longer be "pushing the envelope" in enforcement. CUNA and your League have been advocating for this approach by the bureau for some time.
"We recognize the importance of necessary regulations but, for far too long and often, the CFPB has included credit unions in complying with regulations that are clearly intended for big banks. It was good to hear that Acting Director Mulvaney will take a more measured and thoughtful approach to rulemaking, which would relieve some of the excessive regulatory burden that has been imposed unnecessarily on Maine credit unions," remarked Todd Mason, President of the Maine CU League.
Mason said he is appreciative of the significant work that CUNA President/CEO Jim Nussle and CUNA staff have done with the CFPB. "This validates once again the importance and value of the CUNA-League partnership."
During his speech, Acting Director Mulvaney said the bureau needs to move away from one-size-fits-all rulemaking, that the bureau will cease regulating through enforcement and it will instead focus on the bad actors that cause true harm to consumers.
He said the bureau would be "mild, but certain" going forward, recognizing its unique nature gives it extraordinary power over the financial services marketplace.
Resources:
Watch CFPB Acting Director Mulvaney's entire speech at the GAC