CFPB Director Richard Cordray Reaches Out to CUNA/Leagues
The new Director of the Consumer Financial Protection Bureau Richard Cordray has contacted Leagues and others to begin a dialogue on key issues and concerns. Yesterday, CUNA staff attended a discussion by Director Cordray, who was appointed by President Obama in a recent recess appointment. He discussed CFPB's priorities, including efforts to streamline the regulations that were transferred to it from other agencies under the Dodd-Frank Act, the Know Before You Owe initiatives, as well as the supervision of nonbanks that required the agency to have its Director in place before it could exercise these new powers. Also, Cordray emphasized that credit unions and other responsible financial institutions are not the problem because they understand the needs of consumers, while the CFPB will focus to ensure that previously unregulated nonbank financial entities will be subject to a level playing field. Industry advocates continue to urge CFPB to reduce regulatory burdens on credit unions.