News

West Virginia Congressional delegation signs on to letter sent to CFPB — 3/15/16

A letter signed by West Virginia Congressmen McKinley, Mooney, and Jenkins along with 326 colleagues of the U.S. House was delivered to Consumer Financial Protection Bureau (CFPB) Director Richard Cordray on March 14, asking the bureau to protect credit unions from Dodd-Frank regulatory burden. The letter was composed by Reps. Adam Schiff (D-Calif.) and Steve Stivers (R-Ohio), and efforts to collect signatures were led by the Credit Union National Association (CUNA), state leagues and credit unions during the recent CUNA Governmental Affairs Conference.

“We were successful during our recent GAC Hill visits to shed light on this increasing burden by discussing it with House members and their staff,” stated League President Ken Watts. “We appreciate their understanding of this issue and thank our credit unions for making the case effectively.”

Both Schiff and Stivers praised credit unions for their not-for-profit cooperative structure, and agreed they shouldn’t be the focus of CFPB efforts aimed at bad actors.

At this time, it is unclear whether or not the CFPB will relent and provide credit unions with the much needed exemption.

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