CUNA President/CEO Jim Nussle thanked Consumer Financial Protection Bureau (CFPB) Director Richard Cordray for recognizing the work of credit unions to serve their communities through financial literacy at two recent events including the Credit Union Advisory Council meeting and at a Financial Reality Fair hosted by the National Credit Union Foundation. Cordray attended a fair at Lake Highlands Junior High in North Dallas, Texas last week.
“As you know credit unions are leaders and visionaries in their efforts to provide financial education to consumers and take their obligations to their members and communities very seriously,” Nussle wrote to Cordray. “While this particular fair was focused on helping the youth manage financial resources effectively, credit unions also provide resources and tools to consumers of all ages and demographics to assure the financial safety of as many consumers as possible.”
Nussle highlighted how credit union employees and volunteers are “often on the front lines” when it comes to serving consumers and providing financial educations and counseling. He also highlighted that this work is one of the many things that makes credit unions different than many other financial service providers such as large financial institutions.
“I hope you and your staff will take the time to attend events like this, visit more credit unions and continue to learn about the many resources credit unions provide to their communities,” Nussle wrote. “I believe this could better help the CFPB understand the credit union difference, and how our work differs from that of other for-profit financial service providers.
“Greater collaboration between the CFPB and credit unions can help achieve many of the consumer protection goals we share, without adding new rules or requirements, to the consumer-friendly way credit unions are already serving their members,” Nussle added.