The “Dear Colleague” letter from Congress to the Consumer Financial Protection Bureau (CFPB) has been sent. The Alabama and Florida delegation was a major part of the 329 members of the House that signed the letter. The letter asks the CFPB to exempt credit unions from some of its rulemaking process. This is an important letter since CFPB Director Richard Cordray believes the agency has the authority to make rules for all financial institutions.
Below is a list of the delegation from Alabama and Florida that signed the letter. The League was able to get 28 members of the delegation to sign the letter. Thank you to those credit unions that attended the CUNA GAC and talked about the importance of having the members sign the letter. The League also thanks those members that understand the burden the CFPB is putting on local credit unions.