TOP NEWS STORY

Mark McWatters, Acting Chairman of the National Credit Union Administration
Mark McWatters, Acting Chairman of the National Credit Union Administration

McWatters’ Letter to Cordray: Regulatory Relief Warranted

National Credit Union Administration (NCUA) Acting Chairman Mark McWatters sent a letter last week to Consumer Financial Protection Bureau (CFPB) Director Richard Cordray outlining a number of areas where the NCUA is concerned.

In the letter, McWatters details how NCUA leaders believe the CFPB can do more to allow credit unions to better serve their members, particularly with regard to the bureau’s small-dollar loan proposed rule, Home Mortgage Disclosure Act, the use of Unfair, Deceptive, or Abusive Acts or Practices (UDAAP), and the bureau’s use of its underutilized exemption authority.

“We are pleased that Acting Chairman McWatters has sent this letter in support of credit unions and look forward to engaging the CFPB further on these matters,” said Sharon Lindeman, vice president of regulatory advocacy for the California and Nevada Credit Union Leagues.

To view the letter, click here.

Pin It