User login

Heartland Credit Union Association Joins CFPB Letter

Kansas and Missouri concerns about the Consumer Financial Protection Bureau (CFPB) rejection of the agency’s exemption authority are represented in a letter signed by all 37 credit union leagues and the Credit Union National Association (CUNA).

Heartland Credit Union Association President/CEO Brad Douglas signed the letter, sent to the CFPB on August 10. It reiterates that Section 1022 of the Dodd-Frank Act gives the CFPB statutory authority to exempt any class of entities from its rulemakings, including credit unions. Read the letter here.

The August 10 letter follows Congressional concerns sent to the CFPB, with 399 U.S. Senators and U.S. Representatives signing letters urging the CFPB to use its authority. All four U.S. Senators from Kansas and Missouri, as well as all four U.S. Representatives from Kansas and seven out of eight U.S. Representatives from Missouri, signed their respective chamber’s letter. 

HCUA Advocacy staff and member credit unions have consistently addressed the need for regulatory relief with members of Congress and the CFPB. HCUA created legislative handouts highlighting the impact of regulatory burden on credit unions in both states. Click the links below:

Kansas  |  Missouri

“The CFPB needs to recognize that this is an issue of serious concern for credit unions, including here in Missouri and Kansas,” said Douglas. “It was important to join our voice with those of other credit unions across the country.”