WASHINGTON–A credit union CEO will be testifying before Congress today.
Ana Fonseca, president and CEO of California-based Logix FCU, will be among those testifying at a hearing hosted by the House Financial Services Subcommittee on Financial Institutions titled, “Reforming the Consumer Financial Protection Bureau.”
As The CU Daily reports here, an executive order by President Trump has all but shown down the Bureau, but the rules it implemented remain in place.
According to America’s Credit Unions, Fonseca’s testimony will call for:
- Moving the leadership to a bipartisan commission;
- Increasing Congressional oversight of the CFPB;
- Providing greater clarity on UDAAP
- Expanding and clarifying exemptions for credit unions from the CFPB;
- Increasing CFPB usage of cost-benefit analysis and SBREFA panels
- Reforming the Civil Investigative Demand (CID) process.
Still Have to Comply
Asked by The Credit Union Daily why such a focus on an agency that the Trump Administration has all but shut down, having removed its name from its building and sending nearly all its employees home, Hunt answered by saying while the CFPB may be “frozen,” for the lack of another description, “very much all of the statutory and regulatory requirements that come out of the CFPB are still on the books.
“Even though the CFPB isn’t actively currently enforcing those doesn’t mean credit unions don’t have to comply with regulations,” continued Hunt. “It just means that there isn’t an agency that is actively working to enforce those. Credit unions certainly do not want to be caught in a situation where, if the agency were to be fully up and running again, even albeit in with a reduced footprint, (they are) caught flat-footed.”
The CU Daily will have coverage of Fonseca’s testimony.
The hearing begins at 10 a.m. ET and will be available online via the committee’s YouTube channel.