Fine: Don’t Let a Credit Union Regulator Run the CFPB

Jan 08, 2018
National Credit Union Administration Chairman J. Mark McWatters would not be a wise choice to head the Consumer Financial Protection Bureau, ICBA President and CEO Cam Fine wrote in a new op-ed.

Responding to reports that the McWatters is on President Donald Trump’s shortlist of potential nominees, Fine noted in American Banker that the credit union industry is not fully subject to the entire arsenal of financial regulation.

Further, the NCUA’s willingness to flout Congress in its rulemakings makes its chairman suspect for leading the CFPB given concerns that the bureau lacks sufficient checks on its regulatory authority.

“Let’s choose a leader not with a track record of cheerleading for the industry he is charged with overseeing and regulating, but rather a commitment to the laws by which our agencies are established by Congress,” Fine wrote.

Read the Op-Ed