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Kansas and Missouri U.S. Senators Sign CFPB Exemption Authority Letter

All four U.S. Senators from Missouri and Kansas signed a letter to the Consumer Financial Protection Bureau (CFPB), urging the agency to use its exemption authority when implementing regulations. U.S. Senators Roy Blunt (R-Missouri), Claire McCaskill (D-Missouri), Jerry Moran (R-Kansas) and Pat Roberts (R-Kansas) joined 66 other senators in signing the letter.

The letter, originated by U.S. Senators Joe Donnelly (D-Indiana) and Ben Sasse (R-Nebraska), is similar to a bipartisan letter sent by 329 members of the U.S. House of Representatives. All four Kansas U.S. House members and seven of eight Missouri U.S. House members signed that version, which also urged the CFPB to utilize its exemption authority to tailor regulations found in Section 1022(b)(3)(A) of the Dodd-Frank Act.

“We greatly appreciate the support of our U.S. Senators in understanding that undue regulatory burden has a significant impact on credit unions and other community-based lenders, resulting in less options for consumers,” says Amy McLard, Heartland Credit Union Association Advocacy department. “It is important for the CFPB to direct its efforts accordingly to avoid unintended consequences, and this letter from our U.S. Senators helps reiterate that message.”