The MD|DC Credit Union Association hosted the first industry in-person roundtable discussion with Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra and local credit union executives Friday. Chopra has called it a key priority to engage with small banks and credit unions that are not directly supervised by the CFPB.
“We appreciate CFPB Director Chopra taking the time to meet in-person with our members and the opportunity to share credit unions’ consumer-focused approach to financial services,” said John Bratsakis, president/CEO of the MD|DC Credit Union Association. “It was a productive discussion that touched on a wide range of issues impacting area credit unions and the 2.2 million members they serve. We look forward to continued engagement and further opportunities to weigh in on bureau initiatives as they are being developed.”
During the hour-long discussion, credit union executives shared how diverting resources to keep up with overly burdensome regulations designed for big banks can have an adverse effect on consumers.
Chopra outlined key areas of focus for the bureau, which included:
Credit unions executives are encouraged to submit an application to serve on the CFPB’s Credit Union Advisory Council which advises the bureau on regulating products and services from the unique perspective of credit unions. The deadline to apply is July 24.