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Credit union testifies that Consumer Financial Protection Bureau is needed

On Tuesday, Truliant FCU President/CEO Marcus Schaefer testified on behalf of credit unions in front of the Senate Banking Committee. Schaefer was in Washington D.C. as one of six witnesses to speak about the overall impact of the Dodd-Frank bill. Schaefer told lawmakers that there is a need for the Consumer Financial Protection Bureau. He also talked about how small regulatory moves could also have unintended consequences on credit unions and other small financial institutions.
The CU Times quoted Schaefer's testimony that even though the NCUA and other regulators have increased their efforts to protect consumers it “makes sense to have a regulator that focuses on the consumer.”

Schaefer spoke about Truliant's, a $1.5 billion North Carolina credit union, efforts to improve the financial awareness of its members and that his credit union’s approach is to not make consumer beware.” Schaefer is quoted in the Times as telling Senate Banking Chairman Tim Johnson that he hopes the bureau will have a director in place so it can begin its oversight of payday lenders and other non-bank providers of financial services.

“The sooner the CFPB can get to the task of monitoring and regulating non-bank entities the better,” said Schaefer.

Sen. Richard Shelby (R-AL) once again said that Senate Republicans will block the confirmation of any director until the White House changes some of its structure, including having it overseen by a five-member panel.

Click here to read the entire CU Times story.