Kan., Mo. CUs talk consumer protection w/ CFPB's Mulvaney

June 7, 2018

Dozens of Kansas and Missouri credit union leaders spoke on behalf of their members’ interests during a roundtable discussion Thursday for credit unions with Mick Mulvaney, acting director for the Bureau of Consumer Financial Protection.

Credit union attendees weighed in on a wide variety of bureau actions and rules affecting consumer access to financial services. This includes regulatory burdens on small financial institutions, the small dollar lending rule and efforts of credit unions to offer consumers more options, small business lending, remittances and overdraft services.

“At the end of the day, credit unions want what is best for consumers. That means a fair and balanced regulatory environment that doesn’t take a one-size-fits-all approach,” said Brad Douglas, president/CEO of Heartland Credit Union Association. “Acting Director Mulvaney’s willingness to engage and listen to our concerns is a welcome opportunity for us to share first-hand how federal rules designed for Wall Street can hurt hometown financial institutions like credit unions and the communities they serve.”

A timely point of discussion included the regulatory relief that the bipartisan Economic Growth, Regulatory Relief, and Consumer Protection Act (S. 2155), will have on credit unions and consumers. Signed into law on May 24, S. 2155 brings a number of needed changes for consumers, including stronger protections from elder financial abuse, regulatory relief on rural and home loans, and better opportunities for financing affordable housing.

Mulvaney met with credit union leaders on June 7 at Mainstreet CU in Mission, Kansas. The open forum took place in advance of a bureau public meeting in Topeka, Kansas scheduled for June 8.