Defense Credit Union Council Urges Congress to Limit CFPB Regulatory Powers
The Defense Credit Union Council (DCUC) has submitted recommendations to the House Financial Services Committee, specifically to Chairman French Hill and Ranking Member Maxine Waters, regarding proposed changes to the Consumer Financial Protection Bureau's (CFPB) structure and authority. The DCUC is advocating for clearer limits on the CFPB's regulatory and enforcement powers. They emphasize the need for new requirements to consider the unique not-for-profit, cooperative structure and risk profiles of credit unions. While supporting efforts to make the consumer financial regulatory system more accountable, transparent, and predictable, DCUC President and CEO Anthony Hernandez stated that strong consumer protection and sensible regulation are not competing objectives. The DCUC believes that Congress has an opportunity to create a CFPB framework that protects consumers from bad actors without imposing unnecessary burdens on responsible credit unions, particularly those serving military members, veterans, and... 
