WASHINGTON – The CFPB's mission is to shield consumers fromunfair financial treatment. That intent is, after all, part of thefederal bureau's name.

But too often well-intended regulations punish the very peoplethat need their protection through the creation of complex, onerousregulations that over-regulate without really understanding howthose consumer needs should be met. Both credit unions andtheir members suffer.

Credit unions must take the time and make the effort to lettheir members tell CFPB, not to mention the NCUA and Congress,exactly what they're doing wrong, according to one of Tuesday'sbreakout sessions at GAC.

“You have lots of legislation and regulation to read through andcomment on, but it's necessary for credit unions to do so,” saidDan McCue, SVP of corporate administration for $5.6 billionAlaskaUSA Federal Credit Union in Anchorage and moderator of thepanel “Addressing Regulatory Burdens at CFPB, NCUA and inCongress.”

”You have to look at these things holistically and comment onproposed rules and get the voice of the credit union communitycommenting on these regulations, too,” he added

McCue's panel included Andrea Stritzke, regulatory compliance director for CUNA MutualGroup; Jared Sawyer, staff member and Chairman's Designee, forthe House Financial Institutions and Consumer Credit Subcommittee;andBeth Zorc, senior counsel, Senate Banking Committee.

All participants agreed that the people charged with writing thelaws must hear firsthand how badly some of those laws have made thelives of the very people they're meant to help

“We're always looking for examples and data about how regsaffect you and your members on daily basis,” Sawyer said. “That'sinformation we can take back to NCUA and CFPB and say, 'Look, we'vegot to find a better way of doing this.'”

Zorc agreed, applauding CUNA's past efforts of bringing suchconcerns to the Senate and House Banking Committees. “We needtangible examples and compelling statistics.”

Numerous audience members shared anecdotal evidence ofsituations in which they were unable to meet the needs of members,especially low-income members, who were unable to improve theireconomic situations because certain regulations requiredinformation or set standards they were too difficult to manage.Small credit unions with limited resources found their membersespecially hard hit by the complexity and inflexibility of somecurrent regulations.

“What's the messaging going up to the Hill?” McCue asked. “It'sthat the complexity is too great and the rules get too convolutedfrom so many different factors. Nothing is what you think it is,and always has unintended consequences.”