A credit union president told a House subcommittee Thursday that the CFPB's powers are so broad that actions by the agency have contradicted policies set by the NCUA, the primary regulator of credit unions.
The CFPB has used its discretion to take action under its Unfair, Deceptive, Abusive Actions or Practices to "send credit unions mixed messages regarding prudential regulator guidance and to create new law," Rick Nichols, president/CEO of the River Region Credit Union of Jefferson City, Mo., told the House financial institutions subcommittee.
Subcommittee Chairman Blaine Luetkemeye (R-Mo.) said that the Financial Services Committee is considering several bills that would tailor rules to the size of a financial institution.
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