Sign for Wall Street in New York City Wall Street, New York City. (Source: Shutterstock)

Banks that have been fined millions of dollars in recent years have no business opposing requests from credit unions for an exemption from CFPB supervision, credit union trade groups argued Tuesday.

“What we have here is a letter from the associations representing institutions that have been fined billions of dollars by the CFPB suggesting there is equivalency in how consumers are treated by credit unions and their too-big-too-fail Wall Street banks,” CUNA Chief Advocacy Officer Ryan Donovan said. “It would be laughable if it weren’t so shameful.”

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David Baumann


Credit Union Times

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