NCUA board chairman H. Mark McWatters yesterday sent out a forceful letter to Richard Codray urging him to categorically exempt credit unions from many of the pending HMDA mandates, and called on it to clarify the scope of its Unfair and Deceptive Acts and Practices (UDAP) powers in guidance or regulations. This letter is proverbial music to the ears for those of us who believe that the benign dictator of consumer finance and former supreme court clerk has either been too cautious or too unwilling to utilize his authority to exempt credit unions from Dodd- Frank mandates.
Here is my favorite quote; “Section 1022(b)(3)(A) of the Dodd-Frank Act, provides that the bureau may exempt any class of persons, service providers or consumer financial services from certain regulations. Use of this permitted, yet underutilized statutory authority is appropriate to address compliance costs and the unintended consequences of limiting access to affordable financial services for many millions of middle class credit union members, through the enactment of needless regulatory burdens.”
The post McWatters to Cordray: Do more to help credit unions appeared first on CUInsight.
May 26, 2017 at 12:52AM
from Felix Gomez
No comments:
Post a Comment