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Warren charts next CARD Act moves at CFPB meeting
WASHINGTON (2/23/11)--Though the Credit Card Accountability Responsibility and Disclosure (CARD) Act has brought “major changes” to the way the credit card industry operates, Consumer Financial Protection Bureau (CFPB) architect Elizabeth Warren said that there is still substantial work to be done.
Click to view larger image Elizabeth Warren addresses attendees at the CFPB's Tuesday CARD Act conference. Warren has said the CFPB will work to reduce the regulatory burdens faced by credit unions. (U.S. Treasury photo)
Hosting a conference on the anniversary of the CARD Act, Warren noted that examining its regulatory approach and determining how to “improve markets without an overreliance on rules” would be “the next challenge” for the CFPB. CFPB staff will next begin work on “further clarifying price and risk and making it easier for consumers to make direct product comparisons,” Warren added. The Credit Union National Association’s (CUNA) Senior Assistant General Counsel Michael Edwards was one of many finance industry representatives at the CFPB conference. Edwards following the meeting said that CUNA looks forward to working with the CFPB and other stakeholders on making clear credit unions’ concerns about the impact of the CARD Act and improving government policy on this issue. Representatives from Affinity Plus FCU, Virginia Credit Union, and other credit unions were also present. The CFPB will take over a number of regulatory roles from the Federal Reserve and other agencies on July 21. The National Credit Union Administration (NCUA), however, will remain mostly independent, and credit unions holding under $10 billion in assets will not be examined by the CFPB. CUNA has outlined credit union CARD Act concerns, and the credit union point of view on other financial issues, during recent meetings with the CFPB and other Treasury officials, and Warren has recently said that the CFPB will work to reduce some regulatory burdens faced by credit unions and other financial institutions and will review the impact of its own rules on credit unions.


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