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Kansas, Missouri Credit Unions Talk Consumer Protection and Access with Bureau of Consumer Financial Protection Acting Director Mulvaney

Acting Director Mick Mulvaney discusses issues
with Kansas and Missouri credit unions.
Kansas and Missouri credit unions ask questions
at the Bureau of Consumer Financial Protection roundtable.

MISSION, Kan. (June 7, 2018) – Dozens of Kansas and Missouri credit union leaders spoke on behalf of their members’ interests during a roundtable discussion for credit unions with Mick Mulvaney, Acting Director for the federal Bureau of Consumer Financial Protection.  

Credit union attendees weighed in on a wide variety of Bureau actions and rules affecting consumer access to financial services. This includes regulatory burdens on small financial institutions, the small dollar lending rule and efforts of credit unions to offer consumers more options, small business lending, remittances, and overdraft services.

“At the end of the day, credit unions want what is best for consumers. That means a fair and balanced regulatory environment that doesn’t take a one-size-fits-all approach,” said Brad Douglas, president/CEO of Heartland Credit Union Association. “Acting Director Mulvaney’s willingness to engage and listen to our concerns is a welcome opportunity for us to share first-hand how federal rules designed for Wall Street can hurt hometown financial institutions like credit unions and the communities they serve.”

A timely point of discussion included the regulatory relief that the bipartisan Economic Growth, Regulatory Relief, and Consumer Protection Act (S. 2155), will have on credit unions and consumers. Signed into law on May 24, S. 2155 brings a number of needed changes for consumers, including stronger protections from elder financial abuse, regulatory relief on rural and home loans, and better opportunities for financing affordable housing.

Mr. Mulvaney met with credit union leaders on June 7 at Mainstreet Credit Union in Mission, Kansas. The open forum took place in advance of a Bureau of Consumer Financial Protection public meeting in Topeka, Kansas scheduled for June 8.

 

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