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CU System
Maine league meets with CFPBs Warren
PORTLAND, Maine (1/18/11)--Maine Credit Union League President John Murphy took part in a meeting Wednesday with Elizabeth Warren, the head of the newly formed Consumer Financial Protection Bureau (CFPB), U.S. Sen. Olympia Snowe (R-Maine) and 13 key Maine stakeholders that will be affected by the CFPB. At the meeting in Portland, Maine, Snowe told Murphy that her goal was “to make Ms. Warren readily accessible for an informed discussion with a small group,” said the league’s Weekly Update (Jan. 14).
John Murphy (left), president of the Maine Credit Union League, and Elizabeth Warren (right), head of the newly formed Consumer Financial Protection Bureau, attended a meeting of key Maine stakeholders hosted by U.S. Sen. Olympia Snowe (R-Maine) and Warren Wednesday in Portland, Maine. (Photo provided by WCSH-TV) .
Murphy had an opportunity to discuss some of the issues that Maine credit unions face that will now fall under the jurisdiction of the new bureau when it picks up responsibility for the 18 federal consumer financial protection laws now enforced by seven regulatory agencies. The official transfer date is July 21. Warren told attendees, “We need to make compliance easier for lenders, and this is particularly important for credit unions and community banks.” Murphy said: “I took the opportunity during the meeting to point out that a number of financial institutions that were behind the financial meltdown are now recording record profits, and the smaller financial institutions are now left to deal with a significant increased regulatory burden. “I also mentioned to Ms. Warren how regulatory relief could benefit consumers, and she acknowledged the many confusing regulations, disclosures, etc., that exist today,” he added.


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