America's Credit Unions is urging Senate leaders to support Congressional Review Act resolutions targeting several CFPB rules finalized during the Biden administration.
In a letter sent Wednesday to Senate Majority Leader John Thune and Minority Leader Chuck Schumer, the trade group said the resolutions would help provide regulatory certainty for credit unions and other financial institutions.
The organization specifically referenced CFPB rules involving overdraft practices, digital payments and consumer financial data rights finalized under former CFPB Director Rohit Chopra.
"Credit unions have long believed that given the broad authority and awesome responsibility vested in the CFPB, a statutory safeguard like-person commissions has distinct consumer benefits over a single director who can change with a change in administration," wrote Greg Mesack, senior vice president of advocacy.
America's Credit Unions argued the Congressional Review Act process would help address concerns about rapid regulatory shifts between administrations and reduce uncertainty surrounding compliance obligations.
The Senate is expected to consider multiple CRA resolutions this week as lawmakers continue debating the future direction of CFPB oversight and financial services regulation.
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