February 17, 2011

NAFCU, CUs meet with Warren

Lussier-Warren 2-16 at Treasury
NAFCU Chair Mike Lussier (left, with ElizabethWarren) was joined by NAFCU PresidentBecker and senior staff, member CU representatives in meeting at Treasury.
NAFCU photo

Feb. 17, 2011 – Leaders from NAFCU and several member credit unions met Wednesday with Elizabeth Warren, the administration's point person on the Consumer Financial Protection Bureau, to discuss industry concerns.

"We welcome the opportunity to present credit union issues from a variety of perspectives," said NAFCU President Fred Becker. "As the CFPB continues to evolve, we appreciate being part of the ongoing dialogue."

The CFPB is holding a conference at Treasury headquarters next Tuesday on credit card practices; the conference falls on the one-year anniversary of the signing of the Credit Card Accountability, Responsibility and Disclosure Act. The bureau meanwhile is set to assume its full regulatory authority over consumer financial services activities July 21.

NAFCU, the only credit union trade that opposed placing credit unions under CFPB oversight, has been in regular communications with Warren, Treasury Secretary Tim Geithner and other administration officials in an effort to mitigate the impact of the CFPB's regulatory activities on credit unions.

The CFPB has direct examination and enforcement authority over depository institutions with more than $10 billion in assets. That captures only the three largest credit unions, but this threshold is not indexed for inflation, so other credit unions can be expected to come under this area of CFPB activity in the future.

Becker and NAFCU Chair Mike Lussier of Webster First FCU participated in Wednesday's meeting, along with Jan Roche, president and CEO of State Department FCU; Lee Fogle, CEO of Duke University FCU; Alfred Scipio, president of Treasury Department FCU; and Dawn Donovan, president and CEO of Price Chopper Employees FCU.

NAFCU Executive Vice President of Government Affairs Dan Berger, General Counsel and Vice President of Regulatory Affairs Carrie Hunt and Vice President of Regulatory Compliance Anthony Demangone also attended.