Otsuka supports increased NCUA focus on consumer protection
America’s Credit Unions asked Otsuka to oppose such efforts
New National Credit Union Administration board member Tanya Otsuka on Thursday strongly endorsed efforts to increase the agency’s focus on consumer protection efforts.
“I support a strong consumer compliance program,” Otsuka said, at her first meeting as an NCUA board member. She added, “I would like to work with my fellow board members to continue to strengthen consumer protection and fair lending efforts.”
America’s Credit Unions President/CEO Jim Nussle recently sent Otsuka a letter urging the agency to “refrain from needlessly increasing its focus and expenditure of resources on activity related to consumer protection without sufficient reason to do so.”
Otsuka’s endorsement of an increased concentration on consumer protection likely gives board Chairman Todd Harper the vote he needs to implement such programs. The chairman said that the NCUA will continue to address consumer financial protection on an equal footing with safety and soundness.
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