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CUs say CFPB is ripe for reform, according to NAFCU survey
NAFCU conducted a survey of member credit unions of all asset sizes regarding the CFPB and its recent regulatory actions. The survey revealed that 94 percent of respondents overwhelmingly agree that Congress needs to reform the CFPB.
NAFCU consistently opposes the CFPB’s examination and enforcement authority over credit unions, given they were not responsible for the financial crisis and are more highly regulated than any other financial depository institution. NAFCU also strongly supports legislative improvements to change the structure of the CFPB from an unaccountable, single director to a bipartisan commission and to require the bureau to go through the congressional appropriations process to increase accountability and transparency.
Additional highlights from the survey include:
· 60 percent of respondents believe the CFPB does not act with consumers’ best interests in mind;
· 90 percent of respondents believe the CFPB has not explained junk fees well to consumers;
· 51 percent of respondents believe the financial services space has remained the same in terms of safety since 2010; and
· 92 percent of respondents believe the CFPB has not contributed to a level playing field between CUs and nonbank entities.
The results of the survey will bolster NAFCU’s advocacy efforts when speaking to lawmakers on Capitol Hill and as the Supreme Court prepares to hear oral arguments for the CFSA v. CFPB case in October.
View the full results. Stay tuned to NAFCU Today for more information on CFPB reforms and the SCOTUS case.