DouglasFecher, president/CEO of the $2.45 billion Wright-Patt Credit Union will tell lawmakers Tuesday to directthe Consumer Financial Protection Bureau to limit regulatory burdenby using existing tools, such as the power to exempt credit unionsfrom its rulemaking.
|Fecher is scheduled to testify at 10 a.m. Tuesday before theHouse TARP and Financial Services subcommittee during a hearingtitled, “CreditCrunch: Is the CFPB Restricting Consumer Access to Credit?”
|“We believe the bureau has more authority than it has beenexercising to extend relief to credit unions and others fromcertain compliance responsibilities,” the leader of the Fairborn,Ohio, credit union in his prepared remarks.
|“We are very concerned that the bureau seems to be picking andchoosing when to use the statutory flexibility Congress provided(it) in the Dodd-Frank Act. It is important that Congressaggressively urge the bureau to utilize the exemption clause sothat the weight of compounding regulations that are intended forabusers and the largest of financial institutions do not overburdencredit unions and other smaller financial institutions,”Fecher.
|Other scheduled witnesses include CFPB Director Richard Cordray,Steven Zeisel, general counsel for the Consumer BankersAssociation, Michael Calhoun, president, Center for ResponsibleLending, and Mark Calabria, director of financial regulationstudies for the Cato Institute.
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