DETROIT — The CFPB needs strong, insightful and helpful comments from credit unions to help it target its regulations more on really helping consumers without overly burdening financial institutions, according to an former U.S. Treasury official.
"As one who has read his share of comment letters, I can say that letters and communication which offer suggestions about ways to do it better are always very helpful," Michael Barr told credit union executives attending the National Federation of Community Development Credit Unions 40th annual conference Thursday in Detroit.
Currently a law professor at the University of Michigan, Barr served the Treasury from 2009-2010 as assistant secretary for financial institutions, an office through which he helped develop the legislation that became the Dodd-Frank Act.
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