Three California congressmen and a representative from Ohio are pressing the CFPB to exempt credit unions from rules.
NAFCU on Tuesday announced Reps. Adam Schiff (D-Calif.) and Steve Stivers (R-Ohio) were gathering signatures for a letter urging CFPB Director Richard Cordray to use the bureau's Dodd-Frank Act authority to exempt credit unions from certain rulemakings.
The bipartisan letter noted that a Government Accountability Office report recently found that financial services have been limited or discontinued by many community-based financial institutions due to new regulations, particularly those governing remittance transfers.
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