The Dodd-Frank overhaul being pushed by House Financial Services Chairman Jeb Hensarling (R-Texas) should exempt credit unions from CFPB rulemaking, NAFCU President/CEO B. Dan Berger said Tuesday.
"While there are credible arguments to be made for the existence of the CFPB, its primary focus should be on regulating the unregulated bad actors, not adding new regulatory burdens to good actors, like credit unions, that already fall under a prudential regulator," Berger said in a letter to leaders of the House committee in which he analyzed Hensarling's plan.
The committee held a hearing on the bill Wednesday morning.
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