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News Now

Washington
S.D. CUs discuss reg burden with CFPBs Cordray Sen. Banking chair
SIOUX FALLS, S.D.  (4/12/12) --
Click to view larger image CFPB Director Richard Cordray; Leandra English, CFPB senior advisor for external affairs, meet with South Dakota credit unions community banks.
South Dakota credit unions emphasized the importance of helping consumers without adding unnecessarily to their regulatory burden during a meeting in Sioux Falls yesterday with Consumer Financial Protection Bureau  (CFPB) Director Richard Cordray and Sen. Tim Johnson (D-S.D.), the chairman of the Senate Banking Committee.

Robbie Thompson, president of the CUAD, told News Now that Sen. Johnson made clear at the session that he understood that credit unions and community banks did not cause the financial crisis, and said that was why he authored the provision in the Dodd-Frank financial reform law directing the CFPB to consider the impact of its rules on smaller financial institutions, including credit unions and community banks in rural areas.

The Credit Union National Association, the leagues and credit unions supported this key provision.

Click to view larger image Jeff Schmidt, middle, chief operating officer, Voyage FCU, Sioux Falls, S.D., at roundtable of South Dakota credit unions, community banks. (Photos provided by Credit Union Association of the Dakotas)
"This was a great opportunity to hear directly from the CFPB director and receive some assurances that their mission aligns with ours," said Thompson.

"Our credit unions are concerned about the impact of the CFPB on our overall regulatory burden, and any time we have a chance to express this point face to face with the director, it is a welcome opportunity.  We thank Mr. Cordray for his participation and applaud Sen. Johnson in his efforts to ensure that credit unions were included in this meeting with the CFPB."

The roundtable session also included a panel discussion with three financial institution representatives from a larger bank, a community bank, and credit union.

Speaking for credit unions on the panel was Jeff Schmidt, chief operating officer of Voyage FCU in Sioux Falls and chairman of CUAD's governmental affairs committee.  The panel focused on the burdens of regulations and how difficult it can be to manage the load, especially when an institution is smaller in size.


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