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On day No. 2 CFPB adviser Warren meets with CUNA
WASHINGTON (9/22/10)--On her second day since joining the Obama administration as Assistant to the President and Special Advisor to U.S. Treasury Secretary Tim Geithner, Elizabeth Warren met with Credit Union National Association (CUNA) President/CEO Bill Cheney for further perspective on top credit union issues. Warren is charged with helping the administration create the new Consumer Financial Protection Bureau (CFPB). The CFPB, which was created when the Dodd-Frank financial regulatory reform package was passed earlier this year, will monitor financial markets for evidence of systemic risk and work to consolidate and streamline consumer protection rules.
CUNA President/CEO Bill Cheney (left) meets with Elizabeth Warren (center) in the U.S. Treasury's offices. Also pictured: CUNA General Counsel Eric Richard and Deputy General Councel Mary Dunn. (CUNA photo)
Cheney emphasized that CUNA's key objective in working with the new agency will be to minimize credit unions' regulatory burdens, costs and requirements. Warren welcomed CUNA's commentary on how consumer financial regulations can be improved and how consumer financial disclosures can be pared down. Warren also noted that improving the transparency and consumer-friendliness of many financial products would benefit credit unions, as they already lead their competitors in these core areas. Cheney reiterated CUNA’s desire to work with Warren and the CFPB going forward, and urged Warren to include credit union leaders as part of the CFPB’s developing Consumer Advisory Board. Cheney also attended a Treasury mortgage disclosure forum later in the day. The forum was convened by the Treasury to discuss how mortgage disclosure forms can be simplified "so that consumers have the clear and easy-to-understand information they need to make the financial choices that are best for themselves and their families." The CFPB earlier this week announced that the National Credit Union Administration and other financial regulators will be required to transfer functions and authorities regarding consumer financial laws to the CFPB by July 21, 2011.


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