Brad Thaler, the vice president of legislative affairs at NAFCU, urged the Senate Banking Committee to put into action the organization’s five-point plan for credit union regulatory relief, which was sent to legislators in February.
Thaler also urged the committee to encourage the CFPB “to find new and creative ways” within its scope of authority to ease the burden of new regulations on credit unions.
“Examples of steps that the CFPB could take include using its authority to exempt small entities such as credit unions from rulemakings and also providing clear and concise written guidance when ambiguity arises on new CFPB rules,” Thaler said in a letter to the committee.
Thaler also emphasized NAFCU’s call for increased cooperation among member agencies of the Financial Stability Oversight Council on the rules’ implementation.
NAFCU has called on Congress to take into account its five-point plan, which includes administrative improvements to the National Credit Union Administration, capital reforms, structural improvements, operational improvements and data security reforms.