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Cordray, Becker talk CU issues
NAFCU President and CEO Fred Becker and CFPB Director Richard Cordray shared a phone conversation Monday that focused on credit unions in their role as providers of consumer financial services.
Cordray, just appointed last week as the head of the CFPB, is reaching out to industry representatives as he moves the agency forward on a number of pending regulatory matters, including proposed mortgage and credit-card disclosures, consumer complaints and, among other things, the supervision of nonbank service providers.
The CFPB is taking over consumer financial services regulations from seven federal agencies. NAFCU has been working with CFPB officials and staff since the summer of 2011 on ways to mitigate the impact of new rulemaking on credit unions. It is encouraging the CFPB, in its focus on nonbank service providers, to set a broad scope and tofocus on the largest providers.
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