Washington DC

Bigger credit unions present a formidable challenge for banks in areas such as business lending.

The two major national credit union trade associations have sent recommendations for improving the Consumer Financial Protection Bureau’s enforcement processes.

Rebeca Romero Rainey, who has been on the job for less than a week, has already slammed postal banking and pressed for more regulatory relief. In a Q&A, she discusses her plans to foster innovation, tackle succession issues and encourage more banks to stay independent.

Christopher Bergstrom led Cardinal Financial when it sold itself to United Bankshares in 2017.

CUNA and NAFCU have both submitted letters requesting civil investigative demands from the bureau be more specific as to the conduct under investigation.

On one hand, banks could face regulatory pressure to restrict services to the firearms industry. But banks that take a strong stand also risk the wrath of GOP lawmakers opposed to such restrictions.

Both national credit union trade associations submitted letters in advance of CFPB acting director Mick Mulvaney's House Financial Services Committee hearing.

Credit unions will know soon how much regulatory relief they might see from Congress and the Consumer Financial Protection Bureau.

Congress has left Washington for a two-week recess, and credit union leaders are being urged to make their case for reg relief while legislators are back at home.

Credit unions will be watching as the Senate's regulatory relief bill heads to the House, but government spending and interest rates may delay that process by several weeks.