WASHINGTON Consumer Financial Protection Bureau Director Richard Cordray, whose nomination is being held up in the Senate, told attendees to CUNA’s Government Affairs Conference this morning that credit unions are not the target of the new consumer cop on the block and he asked for their help in selling the fledgling agency to the public.
“The Consumer Bureau is well aware that credit unions were not one of the causes of the recent financial crisis,” Cordray said in his GAC remarks. “You were not underwriting the bad loans that brought down the housing market. Instead, you were sounding the alarm bells well before the sinking of the economy. And you were upholding sound underwriting standards even though you lost customers and market share to the financial predators.”