WASHINGTON — The woman setting up the new Bureau of ConsumerFinancial Protection said the bureau will be a strong ally ofcredit unions that “want to work on behalf of their members.”

Elizabeth Warren told CUNA's Governmental Affairs Conferencethat the bureau will have an ongoing dialogue with credit unions toensure that credit unions can serve their members and not face moreregulations. She said her bureau will combine TILA and RESPA rules,and this should simplify things for small lenders. Warren alsopromised that the bureau would seek to ensure that there areconsistent rules and enforcement for nonbank lenders so that thefinancial service market can be a more level playing field.

Warren noted that if the rules require financial serviceproviders to disclose all costs of their products up front, smallerinstitutions will benefit as will consumers. The bureau will issueregulations that will benefit middle-class families, many of whichwere hurt by the recession.