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CFPB Exemption Authority Letter Circulates in U.S. Senate

A letter urging the Consumer Financial Protection Bureau (CFPB) to utilize its exemption authority for credit unions and other smaller financial institutions is circulating in the U.S. Senate. U.S. Senator Jerry Moran (R-Kansas), U.S. Senator Roy Blunt (R-Missouri) and U.S. Senator Claire McCaskill (D-Missouri) have already signed on to the letter.

The Senate letter urges the CFPB to exempt classes of financial institutions from regulations, an exemption authority granted to the CFPB under Section 1022 of the Dodd-Frank Act. The letter is similar to one circulated in the U.S. House of Representatives earlier this year, which  was signed by more than 300 members of Congress, including all four Kansas representatives and seven of the eight Missouri representatives. 

The Heartland Credit Union (HCUA) Advocacy staff has reached out to Kansas U.S. Senator Pat Roberts (R), urging him to also sign on to the letter.