Credit Union Used False Threats to Collect Debts and Placed Unfair Restrictions on Account Access
Prepared Remarks of Richard Cordray, Director of the CFPB, at the National Association of Federal Credit Unions
Good morning and thank you for having me join you today. For five years now, the Consumer Financial Protection Bureau and America’s credit unions have had the opportunity to work together on behalf of all Americans. Our responsibility is to support and protect consumers. For credit unions, these same people are more than your customers; they are your members. We share many goals in common as we pursue our respective objectives, and we have a considerable stake in one another’s success.
Consumer Financial Protection Bureau Report Finds Hundreds of Counties Nationwide Fighting Elder Financial Abuse with Community Efforts
CFPB Issues Guide and Best Practices to Help Communities Create Protection Partnerships for Seniors
Banks and credit unions are in a unique position to prevent financial exploitation of older Americans and to intervene effectively when older account holders are targeted or victimized. That is why today we are releasing an advisory and report for banks and credit unions on how they can better protect older consumers from financial abuse.
Good morning and thank you for inviting me to join you today. For more than four years now, the Consumer Financial Protection Bureau and America’s credit unions have developed a mutual respect as we jointly serve the American people. At the Bureau, we aim to support and protect consumers. For credit unions, these same people […]
Millions of consumers will now have access to credit scores and reports through nonprofit counselors
All three major credit reporting agencies (Experian, Equifax and TransUnion) will now allow nonprofit counselors to share credits reports, as well as the scores, with the consumer.
Join us for a Credit Union Advisory Council meeting with Director Cordray on Thursday, March 12 from 3 to 5 p.m. EST. During this meeting we will discuss the role of credit unions in cultivating consumer financial education and financial capability.
Prepared Remarks of CFPB Director Richard Cordray at the National Credit Union Administration Webinar
We have incorporated into our mortgage rules some special provisions that provide smaller creditors like most credit unions with different treatment from larger financial institutions, including the large banks. Yet we have not stopped thinking about the challenges that smaller creditors face as they continue their traditions of lending flexibly but responsibly, which has been a key to their support for many consumers, especially in smaller communities around the country.
Today, we’re accepting applications for membership on all of our advisory groups. We’re inviting applications from individuals who can provide us with guidance as we carry out our work.
RSVP to join us for a Credit Union Advisory Council meeting in Washington, D.C., where we’ll discuss overdrafts and consumer complaints.