Credit unions from Alabama and Florida are gathered in Washington, D.C. for the annual Hike the Hill. As part of the Hike, credit unions met with the Consumer Financial Protection Bureau on Wednesday Sept. 12. CFPB Director Richard Cordray attended the meeting and talked with the group about financial issues, as well as credit union issues.
Cordray told the group that his office now has jurisdiction to look into non-chartered entities that are engaged in financial services, i.e.- Walmart and Target. The group was informed that a new CFPB Advisory Board had been formed and that a Credit Union Advisory Panel was also formed. No credit unions from Alabama or Florida are on the list. You can read the Credit Union Advisory Panel's charge by
clicking here. This is the third time credit unions have met directly with the CFPB this year.
Listerhill CEO Brad Green spoke on a panel discussion about small business lending needs. Green talked about credit union member business lending and small businesses need for access to capital. Listerhill credit union has spoken many times on MBL and how raising the cap will provide small businesses with more credit. A tugboat captain was turned away by Listerhill because it was close to its MBL cap. The captain eventually got a second tugboat built but it took him a year since Listerhill was unable to help him.
Credit unions finished the day with a reception at Credit Union House. Lawmakers visits will dominate Thursday. To see more pictures and updates from Hike the Hill, "like" the
LSCU Action Center on Facebook.