Nussle outlines key principles that should guide all CFPB action for Congress

by America's Credit Unions

The CFPB’s authority should be used in a manner that is consistent with the spirit of the Dodd-Frank Act, America’s Credit Unions President/CEO Jim Nussle wrote to the Senate Banking Committee Tuesday. Nussle outlined several of the industry’s top concerns and recommendations for the bureau ahead of today’s hearing where CFPB Director Rohit Chopra is expected to present the bureau’s semi-annual report to Congress.

In the letter, Nussle recommends several key principles – developed with member credit unions – to  guide any CFPB action:

  • Appropriate tailoring of regulations to reduce disruption for community-based financial institutions;
  • Consistency and transparency during the development and implementation of rulemakings and supervision enforcement policies;

 

continue reading »