America's Credit Unions urged the CFPB to revise its proposed 2026–2030 strategic plan, warning that the current approach could impose unnecessary burdens on credit unions while missing higher-risk areas of the financial system.
In a comment letter submitted to the CFPB, the group emphasized that credit unions, as member-owned institutions, already prioritize consumer protection and should not be regulated in the same manner as higher-risk financial actors.
The organization raised concerns about the bureau's focus on expanding supervision of depository institutions, arguing that credit unions already face oversight from the NCUA and state regulators. It instead urged the CFPB to concentrate more on nonbank entities and fintech firms that operate with less direct supervision.
America's Credit Unions also called for clearer standards around "abusive" practices, warning that vague interpretations could create uncertainty and discourage innovation. The group recommended returning to formal rulemaking processes and strengthening due process protections in enforcement actions.
Additionally, the letter urged the CFPB to reduce outdated regulatory requirements, conduct more robust cost-benefit analyses, and adopt a tiered approach that accounts for the size and complexity of institutions.
The group said a more balanced framework would better protect consumers while preserving credit unions' ability to serve members effectively.
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