McWatters’ letter on CFPB enforcement

In his first two weeks as Chairman of the NCUA Board, Mark McWatters made a bold opening move in a letter to the CFPB yesterday asking for exemption for federally insured credit unions from the examinations and enforcement provisions of section 1025 of the Consumer Financial Protection Act of 2010 (CFPA). McWatters wrote, “I make […]

In his first two weeks as Chairman of the NCUA Board, Mark McWatters made a bold opening move in a letter to the CFPB yesterday asking for exemption for federally insured credit unions from the examinations and enforcement provisions of section 1025 of the Consumer Financial Protection Act of 2010 (CFPA).

McWatters wrote, “I make this point not to imply that the protection of credit unions’ consumer owners is unimportant, but rather to suggest that the imposition of aggressive punitive fines on the very FICU consumers the CFPB is tasked with protecting, ‘for the benefit of consumers,’ is tantamount to imposing a ‘the beatings will continue until morale improves’ approach to consumer protection enforcement.”

Read the letter in its entirety here.

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The League of Southeastern Credit Unions & Affiliates represents 342 credit unions in Alabama, Florida and Georgia, with a combined total of $118.63 billion in assets and more than 10.1 million members. LSCU & Affiliates provides legislative and regulatory advocacy; education and training; cooperative initiatives (including financial education outreach); public messaging; information services; and business solutions.

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