CU trades tell bankers to mind their own business
CU officials respond to "too-big-too-fail Wall Street banks” comparing themselves to credit unions: “It would be laughable if it weren’t so shameful.”
Banks that have been fined millions of dollars in recent years have no business opposing requests from credit unions for an exemption from CFPB supervision, credit union trade groups argued Tuesday.
“What we have here is a letter from the associations representing institutions that have been fined billions of dollars by the CFPB suggesting there is equivalency in how consumers are treated by credit unions and their too-big-too-fail Wall Street banks,” CUNA Chief Advocacy Officer Ryan Donovan said. “It would be laughable if it weren’t so shameful.”
Late last week, the American Bankers Association and the Consumer Bankers Association sent a letter to CFPB Director Kathy Kraninger opposing a request from CUNA President/CEO Jim Nussle for the agency to exempt credit unions from the agency’s supervision. That power should be invested in the NCUA, Nussle said.
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