CFPB Chief says Rules Have Leveled Credit Unions' Playing Field

Posted To: MND NewsWire

"Credit unions are thriving " in the words of Richard Cordray, Director of the Consumer Financial Protection Bureau (CFPB). He told members of the National Association of Federal Credit Bureaus on Wednesday that while purchase mortgage lending increased by 4 percent in 2014 and by 13 to 14 percent last year, credit unions originated 39 percent more of those mortgages in the first nine months of 2015 than during the same period in 2014. Credit unions often note that they made consumer protection their first priority long before CFPB was born, Cordray said, and it is clear they did not create the financial crisis and performed well during it. For that reason, the Bureau has regularly looked at how credit unions operate and has worked to accommodate their needs. Many credit unions have focused...(read more)

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