The National Association of Federal Credit Unions (NAFCU) praised Sens. Joe Donnelly (D-Ind.) and Ben Sasse, (R-Neb.) for leading a bipartisan group of 70 senators who signed a letter urging the Consumer Financial Protection Bureau (CFPB), to exempt credit unions from certain rulemakings under the bureau's Dodd-Frank Act authority.
"We greatly appreciate Sens. Donnelly and Sasse for their bipartisan leadership, and all of the senators who signed the letter," said NAFCU President and CEO Dan Berger in a statement. "Their consideration of the tremendous regulatory burden facing today's credit unions is invaluable."
Berger added that the "solid support" shown by the majority of senators, in conjunction with the 329 House members who sent CFPB Director Richard Cordray a similar letter earlier this year, "unequivocally affirms Congress' intention for CFPB to use its Dodd-Frank Act exemption authority to better tailor its rules to credit unions."
To date, Cordray has maintained that while the bureau was given the authority to make exemptions, he will not issue blanket exemptions to an entire industry.
