The recent action by the Lower East Side People’s Federal Credit Union (LESPFCU) in filing suit against the President naming Budget Director Mulvaney as interim Director of the Consumer Financial Protection Bureau (CFPB) is puzzling. Why a credit union would take issue with the President exercising his authority under the law is difficult to understand.

The press reports on the lawsuit state that the credit union claims that “regulatory chaos” exists because of the President’s action and that it “does not know who is validly in charge of the CFPB” and “whose rules to follow.” They further contend that Director Mulvaney is on a mission “to destroy a bureau that protects thousands of credit union members.” The president of the credit union believes that their members “need the CFPB to protect them against unscrupulous payday lenders, mortgage sellers and others regulated by the CFPB.”

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Michael Fryzel


Credit Union Times

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