WASHINGTON, DC (November 15, 2017) — Consumer Financial Protection Bureau (CFPB) Director Richard Cordray today announced in an email to CFPB staff he plans to step down from his post before the end of the month. In response, National Association of Federally-Insured Credit Unions (NAFCU) President and CEO Dan Berger today issued the following statement.
“NAFCU appreciates CFPB Director Richard Cordray’s willingness to meet with credit unions and hear their concerns about the impact of the CFPB’s rules. We continue to believe that credit unions should never have been lumped into the same regulatory bucket as the big banks and look forward to continuing to work with new leadership to address credit union issues,” said NAFCU President and CEO Dan Berger.
“Credit unions support and believe in consumer protection, and did not engage in the abuses that led to the creation of the CFPB. Nonetheless, they have been unfairly swept into the tidal wave of new regulations that have come out of the Bureau,” said Berger.
NAFCU was the only financial services trade to oppose any CFPB authority over credit unions.
Cordray, previously Ohio’s attorney general, first joined the CFPB as its assistant director of enforcement and was named director in a recess appointment in 2012 and won confirmation in 2013 to a five-year term.
The National Association of Federally-Insured Credit Unions is the only national trade association focusing exclusively on federal issues affecting the nation’s federally-insured credit unions. NAFCU membership is direct and provides credit unions with the best in federal advocacy, education and compliance assistance. For more information on NAFCU, go to www.nafcu.org or @NAFCU on Twitter.
