Reps. Adam Schiff (D-Calif.) and Steve Stivers (R-Ohio) penned a letter in support of credit unions Tuesday and sent it to CFPB Director Richard Cordray.
The letter, signed by a bipartisan group of 330 members of the U.S. House of Representatives, called for the bureau to use its rulemaking exemption authority within the Dodd-Frank Act to protect credit unions and other community-based financial institutions.
Under Section 1022(b)(3)(a) of the Dodd-Frank Act, the bureau could use that authority to provide regulatory relief to both credit unions and community banks by exempting the groups from its rulemaking.
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