Consumer Financial Protection Bureau Director Richard Cordray will step down from the agency by the end of the month after serving since 2013. CUNA President/CEO Jim Nussle said CUNA looks forward to a new era at the bureau, one that takes credit unions’ structure and purpose into account during rulemakings.
"We greatly appreciate that throughout his time as Director, Richard Cordray on multiple occasions publicly recognized the exceptional work of credit unions in protecting consumers,” Nussle said. “CUNA looks forward to a new era at the CFPB that will hopefully reconcile this recognition that credit unions are the pro-consumer protection financial institutions, with rules that reflect that sentiment.
“Moving forward, CUNA urges the CFPB’s new leadership to address the problems that pending and final rules have caused credit unions and their 110 million members, and move towards a new approach that recognizes the exceptional consumer protections credit unions provide, while continuing to address abusers of consumers," he added.