Today, Credit Union National Association (CUNA) sent a letter to the Bureau of Consumer Financial Protection (BCFP) urging it to focus on making the regulatory changes required under the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155). The bill includes several provisions intended to enhance credit unions’ ability to best serve their members and the organization recognizes that relief will not be realized until those provisions are implemented by the Bureau.
The letter also requests that the Bureau consider utilizing interim final rules to expedite the process of promulgating the S. 2155 changes. CUNA maintains the position that it is imperative credit unions and others are afforded the opportunity to provide input on these regulatory changes. Use of interim final rules provides the ability for such input while significantly decreasing the time until real relief is provided to affected lenders.