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Berger calls for an end to the CFPB’s ‘war on Main Street’
In an op-ed published in RealClear Markets, NAFCU President and CEO Dan Berger detailed the “mind-boggling” war the CFPB continues to wage on Main Street America following a continuous stream of regulations that hurt small businesses and underserved communities – the very groups the bureau was created to protect.
“Credit unions and the 135 million members they serve don’t need more regulations that will stifle them. They need opportunities,” wrote Berger. He highlighted data from the Federal Deposit Insurance Corporation showing 11,000 bank branches have closed their doors over the last 10 years. Meanwhile, credit unions are opening theirs and filling this void “because their mission is one of integrity and honesty – because they believe financial success is possible for every member they serve.”
“The Bureau has worked a strategy to gaslight consumers, the media, and many Members of Congress with deceptive messaging,” added Berger. “Just last week, the Bureau moved forward with two separate rulemakings: ‘Ending discrimination in small business lending’ and ‘reining in excessive credit card late fees.’ On paper both sound good, but they ultimately are two battles in the CFPB’s war against Main Street.”
Berger called on House Financial Services Committee Chairman Patrick McHenry, R-N.C., and Ranking Member Maxine Waters, D-Calif., as well as Senate Banking Committee Chairman Sherrod Brown, D-Ohio, and Ranking Member Tim Scott, R-S.C., to take legislative action to protect consumers and hold the CFPB accountable.
“It’s time to put an end to this war on Main Street once and for all,” concluded Berger. Read his full op-ed.