WASHINGTON—CFPB Director Rohit Chopra recently met with America’s Credit Unions with representatives of America’s Credit Unions on topics ranging from the credit union difference to the “negative impacts of misguided or poorly tailored regulations,” according to the association.
“We thank Director Chopra for his time and the lively discussion, which included how our strategic goals will protect, empower, and advance credit union interests, ultimately resulting in a regulatory environment where credit unions thrive,” ACU President/CEO Jim Nussle said in a statement. “We will continue to engage with the CFPB and other regulators on the need for clear, fair rules and regulations that ensure credit unions can do what they do best: improve the financial well-being of members and communities.”
In the statement, Nussle thanked the CFPB for releasing its recent research showing credit unions offer lower interest rates than the largest credit card companies and stated that America’s Credit Unions has additional data showing the same—or more pronounced—savings for consumers in the auto and mortgage lending markets.
Specific Example of Savings
As an example, America’s Credit Unions said credit unions’ impact is more pronounced for consumers with lower credit scores, saving these borrowers up to $10,000 over the life of a typical car loan and as much as $50,000 over the life of a typical home loan.
The group also discussed issues related to “junk fees,” which is a focus of Chopra and the CFPB, as well as what the trade group said is the uncertainty surrounding the “abusiveness” part of the CFPB’s unfair, deceptive, or abusive acts or practices authority.
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