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CFPBs Warren plans CU partnership
WASHINGTON (3/2/11)--Citing credit unions as “an example of giving real value to customers and to communities,” Consumer Financial Protection Bureau (CFPB) architect Elizabeth Warren said that the agency will be an ally to credit unions and help ensure that the goals of the credit union movement become reality.
Click for slide show Consumer Financial Protection Bureau (CFPB) leader Elizabeth Warren told credit unions at CUNA's GAC that she wants to work with them. She said it is her intention that the CFPB will build the perspective of credit unions into the agency from the beginning. (CUNA Photo)
Credit unions must remain a major presence in the economy, Warren said, adding that American families will not be well served in the long run if only a few trillion-dollar financial firms survive these hard economic times. Warren spoke during the Credit Union National Association’s 2011 Governmental Affairs Conference (GAC). She covered her professional and personal work with credit unions in her remarks, saying that the CFPB will remain in constant contact with credit unions as it develops its rules. While admitting that government regulation can sometimes be part of the problem, Warren said that the CFPB is “working with credit unions from the beginning” as the agency streamlines Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA) forms into a single form and works on other financial regulations. Credit unions will be an integral part of the CFPB’s processes, and will not only become part of the process when final rules are issued, Warren said. Warren also noted that her longtime membership in her local credit union, Harvard University Employees CU, has helped her understand the fine detail of both good and bad financial business practices, and recounted a deeply personal story. When her niece got into financial trouble, Warren recommended that she talk with her local credit union. While Warren did not go into details, she did say this: “That credit union will forever be a trusted and important member of our family.” CUNA President/CEO Bill Cheney, Massachusetts Credit Union League President/CEO Dan Egan, Ohio Credit Union League President Paul Mercer, Harvard University Employees CU President/CEO Gene Foley, and senior CUNA staff met with Warren following her speech. The credit union representatives took the opportunity to further discuss regulatory burden concerns, streamlining regulatory and reporting requirements, and what sets credit unions apart from other financial institutions with Warren.


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