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CUNA Files Amicus Brief Supporting Trump on CFPB Appointment

Dec 13, 2017
The Consumer Financial Protection Bureau has announced that it has taken measures to make it easier for consumers with urgent financial needs to obtain access to mortgage credit more quickly in the middle of the COVID-19 pandemic

The Credit Union National Association (CUNA) became the first financial services industry trade organization to file an amicus brief that supports President Trump’s authority to appoint an interim Consumer Financial Protection Bureau (CFPB) director under the Vacancies Reform Act of 1998.
 
CUNA expressed concern over the confusion that arose when Leandra English, Richard Cordray’s handpicked interim successor, insisted that she was the rightful CFPB acting director; a federal court ruled in favor of the president, but English filed a new legal challenge last week. CUNA said that the continued fighting over the interim leadership role at the CFPB creates uncertainty about the status of pending rules, rule effective dates and examination schedules.
 
“Americans deserve better than the political theater playing out at the CFPB right now,” said Jim Nussle, president and CEO of CUNA. “It is important to have a process in place which assures leadership of the CFPB has transparency. We disagree that a non-accountable individual leaving office has presidential appointment powers with no checks and balances in place. As credit unions consider what services they can continue to offer their members, what their costs of compliance may be in the immediate future, and how they want to innovate, it is critical that they have certainty and transparency about the leadership of the CFPB.”
 
Nussle added that the power struggle for the director’s office confirmed the need for a multi-person commission to lead the CFPB. “Consumers in need of financial services should not suffer as a result of political grandstanding,” he said.

 
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Dec 13, 2017
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