Removing Barriers Blog

CUNA Participates in Roundtable with CFPB Director Cordray
Posted September 23, 2015 by CUNA Advocacy

CUNA was present at a Policy Roundtable on Tuesday to discuss a wide range of topics with CFPB Director Cordray at an event hosted by the American Land Title Association.  A small group of industry representatives discussed various topics surrounding the CFPB.  Highlights from the discussion are as follows:            

· Director Cordray discussed the CFPB’s  complaints process and how it differs from other agencies. He stated they look for trends and patterns to help the agency focus their exams and investigations.

· Financial Fitness in the workplace is an area the CFPB will focus on in the future including requiring financial literacy in the schools.  The CFPB wants to partner with business to encourage financial literacy in the workplace and he was surprised to learn how many businesses are already doing this. He stated education is one of the best ways to help protect consumers.  He mentioned ongoing partnerships with credit unions in this effort.

· Cordray stated the recently released HMDA data shows positive trends in lending, but that they will need longer term data to determine if those trends are sustainable.

· Credit reporting agencies are improving their processes and procedures under his watch.   

· The agency intends to look at the use of no-action letters or other procedures to help foster innovation in the industry.

· Rules on overdraft and payday lending will be influenced by their experience on promulgating the mortgage rules and they will listen to the affected industries while crafting rules.

· Cordray touted significant improvement in the credit card market, stating that the industry has made significant reforms and improvements in their operations and have “cleaned up their act”. 

· Cordray was a supporter of companies using NPS score for complaints process