WASHINGTON (2/9/12)--Credit Union National Association (CUNA) President/CEO Bill Cheney on Wednesday told Consumer Financial Protection Bureau (CFPB) Director Richard Cordray that "credit union members do not need to be protected from their credit unions," but, rather, need increased regulatory relief.
Cheney and CUNA Senior Vice President and Deputy General Counsel Mary Dunn met with Cordray, CFPB Director of External Affairs Elizabeth Vale, and CFPB Public Affairs Specialist Leandra English.
CUNA President/CEO Bill Cheney and Senior Vice President/Deputy General Counsel Mary Dunn (both center) addressed regulatory relief, remittances, and other credit union issues in a Wednesday meeting with CFPB Director Richard Cordray (right) and CFPB Director of External Affairs Elizabeth Vale. (CUNA photo)
Cheney during the meeting added that credit unions should not be subject to additional rules, and reinforced that credit unions are democratically owned and controlled. He and Dunn also addressed other credit union issues, including the need for more flexible guidance on multi-featured open ended lending, duplicative and unnecessary ATM fee disclosure provisions that have created legal issues for some credit unions, and the CFPB's recent remittance final rule.
Cheney and Dunn called on the CFPB to coordinate with the National Credit Union Administration (NCUA) to ensure that regulations that impact credit unions are consistently interpreted by both entities, and also again raised concerns regarding annual privacy notices, overdraft protection issues, the need to improve the mortgage regulatory process and other issues.
CUNA also urged the CFPB to ensure that credit unions are represented as it develops its Consumer Advisory Board, Credit Union Advisory Council and the Small Business Regulatory Enforcement Fairness Act panel.
Cordray assured CUNA that the agency would fully consider credit unions' concerns and will look into issues CUNA raised, such as multi-featured open end lending. He also said that he wants to encourage credit union representation on these groups.