Jan. 18, 2013 – NAFCU President and CEO Fred Becker, Executive Vice President of Government Affairs Dan Berger, General Counsel and Vice President of Regulatory Affairs Carrie Hunt, and Regulatory Affairs Counsel P.J. Hoffman are headed to the CFPB headquarters today to meet with Cliff Rosenthal and others about empowering low- and limited-income consumers.
Rosenthal, the assistant director of the CFPB’s Office of Financial Empowerment, is hosting the meeting. The OFE is currently seeking input from financial services industry participants on ways to help empower low-income and economically vulnerable consumers. Today’s meeting will include a discussion about the role of the OFE, financial literacy and access to credit.
In December, the OFE held a two-day session that examined ways for the industry to better serve these communities. Attended by NAFCU’s Tessema Tefferi, that session included representatives from the financial industry, federal regulators, state and local governments, community organizations, researchers and product developers.
NAFCU believes credit unions are uniquely suited to serve persons with low or limited incomes. The association is working to ensure that the CFPB’s regulatory actions do not make it harder for credit unions to serve their members, including those most vulnerable.