WASHINGTON — In a lively GAC breakout session chaired by CUNA Deputy General Counsel Mary Dunn, top officials from the Consumer Financial Protection Bureau and the NCUA made it clear that the federal government's efforts to better protect consumers in their financial dealings are not going away, indeed they are likely to intensify.
But the showstopper quote came from panelist Marcus Schaefer, CEO of the $1.6 billion Truliant Federal Credit Union in Winston-Salem, N.C.: "We [in credit unions] have the same mission as CFPB," which he defined as heightening consumer protections against unfair practices of some financial services providers.
Schaefer also indicated he serves on a CFPB advisory board and has observed the new agency close up. "They are listening. We have seen them step back and modifying regulations after hearing from us," he said.
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