The testimonies before a Financial Services Committee hearing on Wednesday had a common theme: The adverse impacts of CFPB rules on credit unions.
Peggy Bosma-LaMascus, president/CEO of the $500 million Patriot Federal Credit Union in Chambersburg, Pa., called the pace of the CFPB's rule-making troublesome.
"While it is true that credit unions under $10 billion are exempt from the examination and enforcement from the CFPB, all credit unions are subject to the rule-makings of the agency, and they are feeling this burden," she stated in her prepared testimony. "While the CFPB has the authority to exempt certain institutions, such as credit unions, from agency rules, they have been reluctant to use this authority to provide relief."
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