CFPB headquarters. CFPB headquarters. (Source: Shutterstock)

Credit unions are unique financial institutions and should be exempt from forthcoming CFPB rules requiring the collection of data regarding applications for credit from women-owned and minority-owned small businesses, CUNA and NAFCU told the agency Monday.

“As entities bound to serve a specific field of membership, the data collected from credit unions would likely be incomparable to other lenders that are legally permitted serve anyone walking through its doors or accessing its websites,” Alexander Monterrubio, CUNA’s senior director of advocacy and counsel, said in a letter to the CFPB.

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