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SECU Sees Positive Benefit in CFPB Overview

The $22 billion State Employees’ Credit Union said it looks forward to “showcasing all we’ve been doing for consumers” now that it is the first state-chartered CU to formally come under regulatory purview of the new Consumer Financial Protection Bureau.

By Jim Rubenstein | Updated on March 03, 2011

The $22 billion State Employees’ Credit Union of Raleigh, N.C. said Thursday it looks forward to “showcasing all we’ve been doing for consumers” now that it is the first state-chartered CU to formally come under regulatory purview of the new Consumer Financial Protection Bureau.

In action taken this week, the CFPB, created by last year’s Dodd-Frank Act, signed the first “memorandum of understanding” between a state CU regulator on regulation coordination and information sharing.

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