news.cuna.org/articles/CUNA's_Nussle_meets_with_CFPB's_Cordray,_staff_on_CU_issues

CUNA's Nussle meets with CFPB's Cordray, staff on CU issues

November 6, 2014

WASHINGTON (11/7/14)--Credit Union National Association President/CEO Jim Nussle met with Consumer Financial Protection Bureau officials earlier this week to discuss a host of issues pertaining to credit unions.

Nussle met with CFPB Director Richard Cordray, Deputy Director Steven Antonakes and Director of the Office of Financial Institutions and Business Liaison Dan Smith.

CUNA requested the meeting, which covered data security breaches, overdraft protection plans, the Home Mortgage Disclosure Act, international remittance transfers and exemption levels for credit unions relative to CFPB rules.

"CUNA emphasized regulatory burdens associated with a number of CFPB rules. For example, we urged the CFPB to only implement statutory changes and not impose additional requirements on credit unions," Nussle said. "We also discussed the importance of best practices in an effort to stress the significance of minimizing new rules for credit unions so they can focus on serving their members.

"I appreciated that the director and deputy director were so generous with their time and that they are aware of credit unions' concerns. We will continue meeting and discussing issues."

CFPB officials stressed the importance of data to support any concerns that should arise.

CUNA is conducting a new survey on international remittance transfers, and more regulatory issue surveys are in the works. Those results will shape CUNA's continued regulatory advocacy with the CFPB.

Also attending the meeting for CUNA were Chief Policy Officer/Chief Economist Bill Hampel and Deputy General Counsel Mary Dunn.