WASHINGTON–More than four-dozen members of the Cornerstone Credit Union League met with CFPB Director Rohit Chopra, during which the discussion touched on auto loans, overdraft protection programs, rulemaking, and ways to engage with the Bureau.
According to CUNA, Chopra opened with a brief on the economic climate, CFPB priorities, and recent efforts to open a dialogue with credit unions to get a “first-hand account of the credit union landscape.”
Chopra also praised credit unions for stepping up to help their members take on larger debt burdens amid a tight economy, the association said.
Consumers Lack ‘Reference’
“While the labor market continues to be pretty strong, we have not really been in an inflationary cycle in a long time,” Chopra was quoted as saying. “That means a lot of our businesses and consumers don’t really have a prior reference. I’m seeing lots of issues in auto lending. We see a lot of credit unions stepping up to help their members as they take on larger debt burdens.”
CUNA reported Chopra also discussed with the Cornerstone league representatives that the rapidly changing payments landscape, particularly Google and Apple Pay, is changing the way consumers engage with money, which presents challenges, especially for smaller financial institutions.
“I’m interested in restoring and safeguarding relationship banking,” Chopra said, according to CUNA. “I encourage everyone to reflect and ask themselves, ‘What are we doing now as a community that’s working?’”
Support for Auto Lending
CUNA further reported that Chopra encouraged credit unions to make auto loans to initiate further conversations.
“Auto lending is a great asset for a credit union,” he said. “It’s also a great way to create a relationship with someone. An initial conversation about auto loans can turn into a larger conversation about financial health.”
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