Economic and CU Monitor (Special Topic: CFPB) - February 2016

This month's special topic: 

CFPB

In just over four years, the Consumer Financial Protection Bureau (CFPB) has reshaped lending markets. From credit cards to auto loans to mortgage origination and servicing, the bureau has been active in issuing new regulations and enforcement actions across a broad range of financial products and services. While credit unions by and large avoided the types of risky behavior and other abuses common at big banks and other lenders prior to the crisis, they are subject to most of the CFPB’s regulations. In fact, the inception of the bureau in 2011 coincides with the rise in recent years of the rate of consolidation within the credit union industry (see chart). It is critical that the CFPB recognize credit unions’ unique structure and commitment to their members and seek ways to address the crippling regulatory burden.


NAFCU's Economic and CU Monitor is a NAFCU member-only monthly report of the latest macroeconomic and financial trends affecting today's credit unions, including trend data among NAFCU member credit unions.

 

 

 

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