Credit unions are unique financial institutions not motivated by profit and they are already overregulated and the new consumer bureau should be reluctant to add to the regulatory burden.
That's the message NAFCU and CUNA conveyed in comment letters to the new Consumer Financial Protection Bureau.
"Special consideration should be given to ensure that rules aimed at financial institutions with different corporate structures, different products and different financial incentives do not create unintended consequences for not-for-profit credit unions," NAFCU Associate Director of Regulatory Affairs Dillon Shea wrote in a comment letter.
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