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Unhappy with the CFPB’s response to a call for regulatory relief for credit unions, NAFCU on Monday called on Congress to force the agency to exempt credit unions from the agency’s rules.

“The redundancy of oversight and overregulation by the CFPB has placed an undue burden on credit unions, which are the only low-cost and no-cost financial services options for many Americans,” NAFCU Vice President of Legislative Affairs Brad Thaler wrote in a letter to senators who had asked CFPB Director Richard Cordray for credit union relief. 

David Baumann

 

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