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News Now

Washington
CUs CUNA N.C. league at Durham CFPB meeting
DURHAM, N.C. (5/23/12)—Representatives from Premier FCU, Greensboro, N.C., Piedmont Advantage CU, Winston Salem, N.C., the Credit Union National Association (CUNA), and the North Carolina Credit Union League (NCCUL) will be among those attending today's Consumer Financial Protection Bureau (CFPB) field hearing on prepaid cards in Durham, N.C.

CFPB Director Richard Cordray, CFPB Deputy Director Raj Date, Rep. David Price (D-N.C.), and North Carolina Attorney General Roy Cooper will speak during the hearing. A witness panel of consumer groups, industry stakeholders, and financial experts will also get the chance to speak their minds in a discussion moderated by Date.

Martin Eakes, cofounder and CEO of community investment nonprofit Self-Help, which runs branches of N.C.'s Self Help CU in that state and branches of Self Help FCU in California, will be one of the panelists.

Prepaid cards are one of the many products the CFPB is focusing its early work on, and the CFPB has accepted public comment on how best to regulate prepaid credit card firms.

CUNA Regulatory Counsel Dennis Tsang, who will be in attendance, said today's hearing will present an excellent chance for credit unions to present their views on prepaid card issues.

The field hearing is scheduled to begin at 12:00 p.m. (ET) in the Durham Convention Center. The hearing will also be webcast live on the CFPB's homepage, consumerfinance.gov.
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