FARMERS BRANCH, Texas (10/28/14)--For the Greater Oklahoma Chapter of credit unions, reeling in a speaker such as the Consumer Financial Protection Bureau's (CFPB) Jennifer Stockett, a senior advisor for the Office of Financial Institutions, may have seemed like a long shot for an event it held on International Credit Union Day.
The Consumer Financial Protection Bureau's Jennifer Stockett addresses the Greater Oklahoma Chapter of credit unions on International Credit Union Day. (Cornerstone Credit Union League Photo)
But all the chapter had to do was ask.
After a brief email exchange, Stockett was booked for the event.
"We indicated the chapter's main priority of having an open dialogue with the CFPB so that we could provide input from our perspective and hear first-hand about their objectives," said Stephen Lark, chapter co-president and vice president of marketing and corporate development for Communication FCU, Oklahoma City, with $922 million in assets (Leaguer Oct. 27).
On Oct. 16, Stockett gave a brief presentation to the chapter about CFPB initiatives. The presentation, held at the Credit Union House of Oklahoma in Oklahoma City, was followed by a Q-and-A session.
"Stockett encouraged credit unions to provide input on their proposed rules or any challenges and unintended consequences that resulted from CFPB rules," Lark said. "And she reiterated that they needed direct input to better understand credit unions and the impact on members."
Normally, the chapter hosts about 40 to 60 people at its meetings, including senior management and board members from credit unions in the Oklahoma City area, Lark told Leaguer.
That number may rise, however, if the chapter continues to bring in such major regulatory players.
"One of our chapter goals is to have more impact on advocacy," Lark said.