How the CFPB can support credit unions – and consumers

America’s Credit Unions’ Advocacy team and I met with CFPB Director Rohit Chopra this week, and as you can imagine, we had a lot to talk about.

We discussed how broad characterization of “junk fees” will have a very real, very harmful impact on the consumers the bureau exists to protect, and emphasized credit unions’ essential role in helping individuals, families, small businesses, and communities thrive.

We also thanked him for the CFPB’s recent credit card research showing credit unions offer consumers more affordable products, and shared our extensive data demonstrating this trend extends well beyond the credit card market. This is especially in the auto and mortgage markets, and with lower-credit score borrowers. Credit unions stand out clearly as consumers’ best choice for financial services.

America’s Credit Unions will continue to underscore to the CFPB and other regulators the need for clear and fair rules and regulations that protect consumers while supporting an environment where credit unions thrive.


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