During his semi-annual report to Congress, CFPB Director Richard Cordray said the CFPB continues to look at its authority under the Dodd-Frank Act to exempt credit unions from its rulemaking and cited instances where the bureau has used some exemptions for small financial institutions.
Several Republican members of the House Financial Services Committee questioned the director about a March 14 letter penned by Reps. Adam Schiff (D-Calif.) and Steve Stivers (R-Ohio). In the letter, a bipartisan group of 329 members of Congress called on the director to use the bureau's authority to exempt credit unions from its rulemaking.
Rep. Ed Royce (R-Calif.) was the first of several congressmen to bring up the letter. Citing both the letter and Section 1022(b)(3)(a), he asked if the director had changed his view of congressional intent.
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