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Home CUs, League Make Case for ‘Credit Union Difference’ in Meeting with CFPB's Chopra; Note Impact of ‘One-Size-Fits-All’ Regulation, Ever-Evolving Regulatory Challenges

CUs, League Make Case for ‘Credit Union Difference’ in Meeting with CFPB's Chopra; Note Impact of ‘One-Size-Fits-All’ Regulation, Ever-Evolving Regulatory Challenges

Authored By: Lewis Wood on 9/13/2022

CFPB Meeting

Credit union and League representatives met Monday with Consumer Financial Protection Director Rohit Chopra and senior CFPB staff member Charles Johanek.

In a meeting Monday with Consumer Financial Protection Bureau Director Rohit Chopra and Senior Policy Advisor (External Affairs) Charles Johanek, your League and leaders from 12 member credit unions discussed our regulatory priorities and how our ability to serve members is affected by an ever-evolving -- and challenging -- regulatory landscape.

CFPB Direct Rohit Chopra"We are grateful to Director Chopra for the opportunity to meet in-person to discuss how credit unions are serving their members through consumer-friendly products and services," notes League President/CEO Carrie Hunt. "It was also an opportunity to discuss how CFPB's rulemaking and its one-size-fits-all regulatory approach has credit unions disproportionately shouldering the effects of regulation."

Among the range of topics discussed:

  • Rising forbearances and delinquencies.
  • The impact on consumers as larger companies and financial institutions control an ever-greater share of the market.
  • The payment burden of auto loans as vehicle prices rise.
  • How for credit unions, overdraft protection is a service, not a penalty or a core revenue driver. We also understand the importance for FIs to have a multi-year plan to reduce dependence on overdraft fee revenue.
  • The CFPB’s rulemaking on small business lending data collection.
    Related: League Comments on CFPB's Small Biz Data Collection Proposal
  • Defining “relationship banking” and its potential value in a two-tiered regulatory framework.
  • The CFPB’s move toward more bright-line rules and away from complex disclosure regimes.

Credit union leaders also shared their work to serve their members and their communities, through financial education, small-dollar lending, first-time homebuyer assistance, and credit score improvement services.

Director Chopra has prioritized engagement with credit unions and small banks to ensure the CFPB is attuned to the impact regulation has on institutions not directly supervised by the CFPB.

CFPB Meeting

Special thanks to the following credit union leaders for joining League staffers Carrie Hunt (President/CEO), JT Blau (Chief Advocacy Officer) and CeJae Vtipilson (Director of Political Affairs and State Advocacy) for the meeting:

  • Michelle Nealey - 1st Advantage FCU (Chief Financial Officer)
  • Criston Kudlacik - 1st Advantage FCU (VP of ERM)
  • Andy Grimm - Apple FCU (President/CEO)
  • Jim Wilmot - Arlington Community FCU (VP of Lending)
  • Frank Wasson - CommonWealth One FCU (President/CEO)
  • Bill Hawkins- Healthcare Systems FCU (President/CEO)
  • Emily Troncoso - Navy FCU (Chief Compliance Officer)
  • Joe Thomas - Nextmark FCU (President/CEO)
  • Nicole Bowen - Nextmark FCU (Chief Information Officer)
  • Ed Hollingsworth - Northwest FCU (SVP Risk)
  • John Beiler - Park View FCU (President/CEO)
  • Amanda Habansky - Peoples Advantage FCU (President/CEO)
  • Dora Lilly - Topside FCU (Chief Strategy Officer)
  • Maria Peyton - Topside FCU (Risk Director)
  • Mike Warrell - ValleyStar CU (President/CEO)
  • Kevin Laine - ValleyStar CU (Executive Vice President)

We are also grateful to NextMark Credit Union President/CEO Joe Thomas (who also serves as chairman of the Virginia Credit Union League Board of Directors) and all our friends at NextMark CU for hosting the event! 

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