League Writes Sens. Warner, Kaine Ahead of Senate Testimony from CFPB's Chopra

Last week, your League sent letters to Sens. Mark Warner and Tim Kaine regarding the Consumer Financial Protection Bureau’s (CFPB) Semi-Annual Report to Congress.

In the letters, we outlined our concerns with the CFPB’s continued failure to recognize the "Credit Union Difference" with its ongoing one-size-fits-all regulation strategy. We also highlighted our issues with the CFPB’s proposed Credit Card Penalty Fees Rule that amends Regulation Z and dramatically reduces the safe harbor dollar amount for credit card late fees.

Your League will continue fighting against the CFPB’s overly broad and burdensome regulations. We continue to engage the Bureau directly in our advocacy efforts, as well as seeking additional Congressional oversight of the CFPB to ensure it is not exceeding its statutory mission or harming consumers through its rulemaking.

Read our letter