CUNA, CFPB meeting ‘good foundation’ for advocacy

May 18, 2016

CUNA officials met Wednesday with Consumer Financial Protection Bureau (CFPB) Director Richard Cordray and had a good dialogue on topics ranging from credit union concerns with the new Home Mortgage Disclosure Act rule to issues surrounding the bureau's anticipated rulemaking regarding payday lending.

CUNA also presented the results of its groundbreaking and comprehensive regulatory burden study to the director, showing that credit unions spent $7.2 billion in 2014--$6.1 billion in costs and additional $1.1 billion in lost revenue.

"We had a great dialogue with Director Cordray. He was receptive and engaged and he asked a lot of great questions," CUNA President/CEO Jim Nussle said after the meeting.  "He was generous with his time and it was really a positive meeting--one that gives us a good foundation for our continuing advocacy efforts with the CFPB on credit unions issues."

Also attending the meeting on CUNA's behalf were Chief Policy Officer Bill Hampel, Chief Advocacy Officer Ryan Donovan, and Deputy Chief Advocacy Officer Elizabeth Eurgubian.