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Washington
Geithner asks defense groups to support CFPA
WASHINGTON (3/25/10)—The U.S. Treasury Department gathered military advocacy groups for a roundtable discussion Thursday to focus on consumer financial protections and how the Obama administration believes a new Consumer Financial Protection Agency would benefit military families. CUNA Deputy General Counsel Mary Dunn attended on behalf of Defense Credit Union Council CEO Arty Arteaga and CUNA. The meeting outlined how military families are often a target for unscrupulous lenders, such as some payday lenders that keep families trapped in an endless cycle of debt. Treasury Secretary Geithner took the opportunity of the meeting to urge support for an independent CFPA ; the House passed regulatory reform legislation calls for separate agency, while the Senate bill would house the agency within the Federal Reserve. He said military families, so often hard hit by abusive practices, deserve a consumer agency. A separate CFPA has drawn opposition from banking and other financial groups, but Geithner said he believes the administration is making headway in garnering support. CUNA has emphasized the need for CUs to continue to be examined by their prudential regulator if a new consumer protection body is created.


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