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News Now

Washington
Consider CU burden CUNA to CFPB nominee
WASHINGTON (8/16/11)--As Richard Cordray prepares for his Sept. 6 nomination hearing before the Senate Banking Committee, Credit Union National Association (CUNA) President/CEO Bill Cheney urged the candidate for Consumer Financial Protection Bureau (CFPB) director to “consider ways in which the Bureau can help minimize regulatory requirements for credit unions and other financial institutions.” Cordray, who has been serving as the CFPB's assistant director for enforcement and has also served as the attorney general of Ohio and that state's treasurer, was announced as President Barack Obama’s nominee for CFPB director last month. Ohio Credit Union League representatives told News Now that the league worked closely with Cordray at the county and state levels as he developed a financial literacy campaign and encouraged younger Ohioans to plan for their financial futures through the "small savers" campaign. CFPB architect Elizabeth Warren recommended Cordray for the post, noting last month that he "has a proven track record of fighting for families during his time as head of the CFPB enforcement division, as attorney general of Ohio, and throughout his career" and will be "a strong leader" for the CFPB. Cheney in the letter also encouraged the CFPB to establish an Office of Regulatory Burden Monitoring to help the agency “track, consider, and help mitigate the cumulative regulatory burden under which credit unions and others must operate. “ The CFPB’s process for revising and combining Truth-in-Lending-Act and Real Estate Settlement Procedures Act forms in to a single mortgage disclosure reflects a “positive, useful approach” to working with stakeholders, and Cheney said that the CFPB should use similar processes in its future rulemaking projects. The CFPB last week completed the third of five separate mortgage disclosure comment rounds. The agency is planning to release a final version of its single draft disclosure later in the year. CUNA has met with the CFPB on this and other issues, and further meetings are planned.


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