Alabama and Florida credit unions now have 25 members of Congress that have signed a “Dear Colleague” letter asking the CFPB to exempt credit unions from some of its rule making. The letter, authored by Reps. Adam Schiff (D-CA) and Steve Stivers (R-OH), specifically asks CFPB Director Richard Cordray to use the Dodd-Frank Act authority to do the exemption. In a speech at the CUNA GAC, Director Cordray believes he has the authority to make the rules for all financial institutions. This letter can help put pressure on the CFPB to reconsider what it believes to be its authority.
Signing on to the letter from the Alabama and Florida delegation includes Rep. Terri Sewell (D-AL), Bradley Byrne (R-AL), Mo Brooks (R-AL), Robert Aderholt (R-AL), Mike Rogers (R-AL), Mario Diaz -Balart (R-FL), Kathy Castor (D-FL), Lois Frankel (D-FL), Alan Grayson (D-FL), Alcee Hastings (D-FL), David Jolly (R-FL), Debbie Wasserman Schultz (D-FL), Carlos Curbelo (R-FL), Bill Posey (R-FL), John Mica (R-FL), Jeff Miller (R-FL), Patrick Murphy (D-FL), Ander Crenshaw (R-FL), Richard Nugent (R-FL), Dennis Ross (R-FL), Ileana Ros-Lehtinen (R-FL), Frederica Wilson (D-FL), Gus Bilirakis (R-FL), Daniel Webster (R-FL), and Ted Yoho (R-FL).
The Schiff-Stivers letter was a topic of conversation during the CUNA GAC Hill visits, and many Alabama and Florida representatives signed the letter following the meetings with credit unions. The League’s advocacy team will continue to follow up with the rest of the delegation today to get them to sign this important letter by today’s deadline.