9 THE NAFCU JOURNAL SEPTEMBER–OCTOBER 2022 divided government, the IRS reporting provision would never have had a chance. Electing members of Congress who understand credit unions and the needs of our members allows us to keep bad ideas from becoming law. 2. CFPB War on Fees: Another example of why elections matter is the recent efforts by the Consumer Financial Protection Bureau (CFPB) to attack credit union non-interest income. With the change in Administration in 2021, came a change in regulators. With the appointment and confirmation of Rohit Chopra as director of the CFPB, the tone, tenor and focus of the Bureau changed dramatically. The CFPB has been aggressively targeting fees, such as overdraft fees, credit card late fees, and a slew of other fees it has inappropriately characterized as “junk fees.” There is no doubt that the CFPB is laying the groundwork to try to use its vast power to limit these fees, which are all permissible under the law and disclosed to consumers upfront under the CFPB’s own rules. The loss of non-interest income could be devastating for many credit unions and the affordable financial products they provide. Because Director Chopra is of the same party as those who control Congress, Congressional oversight and legislative pushback to any CFPB overreach of authority will be more difficult. Should the Republican Party regain control of the House in 2022, as many pundits predict, we should expect to see greater CFPB oversight and more pressure on the agency to ensure that it does no harm to credit unions or impede their ability to provide safe, affordable financial services products. Elections matter, and this election may be one of the most consequential. We need Congress to be strong and stand up to regulators who abuse their authority. This fall, NAFCU encourages you to get involved. Join NAFCU’s grassroots efforts, engage on the Legislative or Regulatory Committees, learn about the NAFCU/ PAC, meet with your member of Congress and, most importantly, vote. If you have questions about your Congressional race, contact the NAFCU Legislative Affairs team. NAFCU’s Grassroots Action Center allows credit unions to easily find their polling location, search for local candidates, and more. Take advantage of this resource ahead of the upcoming election by visiting www.nafcu.org/grassroots.
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