Nussle, advocacy team meet with CFPB Director Chopra

America’s Credit Unions President/CEO Jim Nussle and members of its advocacy team met with CFPB Director Rohit Chopra Wednesday for a discussion on topics ranging from  the credit union difference to the negative impacts of misguided or poorly tailored regulations.  

“We thank Director Chopra for his time and the lively discussion, which included how our strategic goals will protect, empower, and advance credit union interests, ultimately resulting in a regulatory environment where credit unions thrive,” Nussle said. “We will continue to engage with the CFPB and other regulators on the need for clear, fair rules and regulations that ensure credit unions can do what they do best: improve the financial well-being of members and communities.”

Nussle thanked the CFPB for releasing its recent research showing credit unions offer lower interest rates than the largest credit card companies and shared that America’s Credit Unions has additional data showing the same—or more pronounced—savings for consumers in the auto and mortgage lending markets.

America’s Credit Unions shared an example that credit unions’ impact is more pronounced for consumers with lower credit scores, saving these borrowers up to $10,000 over the life of a typical car loan and as much as $50,000 over the life of a typical home loan.

The group also shared how the mischaracterization of well-disclosed, regulated fees as “junk fees” can harm consumers, and the uncertainty surrounding the “abusiveness” part of the CFPB’s unfair, deceptive, or abusive acts or practices authority.

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