Credit unions are unique in the financial world. Rarely do you find a financial institution that clearly and emphatically says it is not working for a profit.
CFPB Director Richard Cordray said he is committed to reviewing rule that prohibits non-working spouses from using household income to qualify for a credit card.
CUNA attorney says if recess appointment overturned, opponents would challenge previous actions, but notes that far from clear appointment will be thrown out in court.
Regulatory burden has credit union staffers crossing Ts instead of cross selling.
CFPB Director Richard Cordray will take questions from credit unions during the live webcast, set for 2 p.m. that Tuesday from NAFCU’s headquarters.
WASHINGTON—No issue at this year’s GAC was more polarizing than the new Consumer Financial Protection Bureau. Speakers, particularly politicians, were either completely against it or completely for it, depending upon which party they represented.
Robert Allen, CEO of the 218,000 member, $4 billion Teachers Federal Credit Union, joined executives from Citibank, Bank of America and other banks.
Consumer Financial Protection Bureau Director Richard Cordray said his agency is discussing how best to proceed on additional regulations concerning overdraft protection and other checking account disclosures. The CFPB could issue proposed rules later this year.
Saying that credit unions and small banks “had very little, really nothing to do with causing the financial crisis,” Consumer Financial Protection Bureau Director Richard Cordray renewed his commitment to ensure that they don’t face unnecessary additional regulatory burdens.
CFPB director testifies Tuesday at Senate Banking Committee hearing.