MISSION, Kan.–Several-dozen leaders of Kansas and Missouri credit union leaders spoke on behalf of their members’ interests during a roundtable discussion for credit unions with Mick Mulvaney, acting director for the federal Bureau of Consumer Financial Protection.
The meeting, which took place at Mainstreet Credit Union’s offices, came just one day after the Mulvaney announced the BCFP would be eliminating its Credit Union Advisory Council as well as several other Councils representing different constituencies. As CUToday.info reported here, the Bureau has indicated it will reconstitute the Councils in some form, although it has provided no details.
During the meeting here hosted by the Heartland Credit Union Association, credit union attendees weighed in on a wide variety of Bureau actions and rules affecting consumer access to financial services. This includes regulatory burdens on small financial institutions, the small dollar lending rule and efforts of credit unions to offer consumers more options, small business lending, remittances, and overdraft services, the HCUA reported.
“At the end of the day, credit unions want what is best for consumers. That means a fair and balanced regulatory environment that doesn’t take a one-size-fits-all approach,” said Brad Douglas, president/CEO of Heartland Credit Union Association. “Acting Director Mulvaney’s willingness to engage and listen to our concerns is a welcome opportunity for us to share first-hand how federal rules designed for Wall Street can hurt hometown financial institutions like credit unions and the communities they serve.”
According to the Heartland CU Association, a “timely point of discussion” included the regulatory relief that the bipartisan Economic Growth, Regulatory Relief, and Consumer Protection Act (S. 2155), will have on credit unions and consumers.
Mulvaney is in Kansas to attend an open forum being hosted by the BCFP in Topeka today.