WASHINGTON (2/9/16)--Should a megabank that was forced to pay at least $968 million in fines and consumer relief to settle allegations of abusive mortgage practices be highlighted by the Consumer Financial Protection Bureau (CFPB) for its show horse Super Bowl ad on "financial well-being?"
Credit Union National Association President/CEO Jim Nussle took issue with the CFPB's action Monday. Nussle underscored that financial counseling is a pillar of credit unions' service to members 365 days a year.
The CFPB was created by the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act. And that law, in turn, was brought about in response to the subprime mortgage crisis that brought the country to the brink of economic disaster.
The 30-second SunTrust Banks Super Bowl spot pledges the $191 billion-asset bank will help consumers reduce "financial stress." CFPB Director Richard Cordray prepared a statement acknowledging the megabank's ad for bringing up the topic of "financial well-being," saying more must be done to address the issue.
Nussle responding by saying to the CFPB, "For those of us who can't afford a Super Bowl ad at ($5 million a pop) to make an impression for the one day of the Super Bowl, here at America's Credit Unions, we want to let you know that the nation's 6,200 credit unions provide financial counseling as a pillar of our historic mission as well as our current model ALL 365 days of the year--and have been doing so throughout our history.
"Maybe if we weren't so busy serving our more-than 100-million members and their individual financial needs, as well as directing our member resources to be their best financial partner, we might have 'captured' your attention as well."