First and foremost, let's be clear: NAFCU listened to itsmembers in 2009, and we listen to them now. We fight every day tomake our members and the credit union movement stronger. As noted correctly in Ms. Anderson's column, NAFCU hasalways been steadfast in strongly opposing the CFPB'srulemaking authority over credit unions. At every possibleopportunity, in hearings and in myriad letters to Congress, NAFCUhas been unequivocal in its conviction.

Throughout the legislative negotiations in 2009, NAFCU stronglychallenged the CFPB's authority over credit unions. Specifically, it was at the hearing before the HouseCommittee on Small Business on Sep. 23, 2009, where Price ChoppersEmployees Federal Credit Union President and CEO Dawn Donovan,testifying on behalf of NAFCU, clearly stated our position.Notably, this was the only official hearing where credit uniontrade groups testified before Congress on financial reform,including the creation of the CFPB (earlier proposed as the CFPA).As Donovan pointed out:

“NAFCU does not believe such an agency should be given authorityover regulated federally insured depository institutions, andopposes extending this authority to credit unions.