WASHINGTON – Politicians told attendees at CUNA's Governmental Affairs Conference a tale of two CFPBs Wednesday, with each story geared toward a different political leaning.
Republican Congressmen speaking to the group called for a reigning in of the bureau. Rep. Randy Neugebauer (R-Texas) said the House Financial Services Committee is working on solutions to reform aspects of the Dodd-Frank Act, including the CFPB. The Dodd-Frank Act, he said, "threw a blanket" over the industry and that credit unions "fell under that blanket."
He explained that one of the fixes to the Dodd-Frank Act was the passage of privacy notices as part of the FAST Act. Additionally, he called for a "bigger lift" on repairing what he said was a broken legislation. One of the changes he recommended was for additional cybersecurity legislation aimed at the payment system, which is the "weakest link," he said.
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