America’s Credit Unions wrote a letter to OMB Director Russell Vought regarding the future plans for CFPB funding in light of the decision not to draw funds from the Federal Reserve and the reduction in the annual funding cap. In the letter you can read more about how we:
- Appreciate the recent focus on streamlining and efficiency at the Bureau, avoiding mission creep and unnecessary expansion.
- Emphasize that resources should be targeted at “bad actors,” safeguarding consumers without burdening compliant credit unions.
- Seek confirmation that, under the lower funding cap, supervisory and enforcement efforts will be directed toward egregious violations, consumer complaints, and protection of vulnerable populations.