Removing Barriers Blog

Credit Unions Well Represented at CFA’s Financial Services Conference
Posted December 02, 2016 by CUNA Advocacy

This week, the Consumer Federation of America held its annual Financial Services Conference and credit union advocates were on hand to explain the credit union difference. The conference covered a wide range of issues including small dollar lending, wealth building, data security and mortgage foreclosure. Rick Wargo, General Counsel at the Pennsylvania Credit Union Association, explained to attendees that the complex underwriting requirements in CFPB’s recent Small Dollar Proposed Rule would limit the ability of credit unions to provide small dollar, short term loans. Wargo also noted that the proposed rule would adversely impact the refinancing of auto loan by credit unions.

Adam Lee, Incubator Director at Filene Institute, highlighted the innovative products offered by credit unions to encourage members to save more. These products include employer sponsored small dollar loans, small dollar loans with a required savings component and debt management programs.

As a member of the Financial Services Conference Advisory Committee, CUNA provided input during the conference planning and Andy Price and Shelton Roulhac represented CUNA at the conference.