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A new CFPB director should expand the use of agency’s exemption powers to exclude credit unions from agency rules that should be targeted at bad actors in the financial services industry, credit union trade groups say.

As CFPB Director Richard Cordray leaves office by the end of the month, the trade groups called on the agency to better target its rulemaking and enforcement. Cordray has been particularly aggressive in using the agency powers under Dodd-Frank—actions that have drawn praise from many consumer groups and condemnation among those in financial services. Trump Administration officials have been vocal in their criticism of the agency and any interim or permanent director is likely to be friendlier to business interests.

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David Baumann

 

Credit Union Times

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