Dozens of credit union leaders from Kansas and Missouri gathered at the offices of Main Street CU in Mission, Kan. (near Kansas City) June 7 to meet with Mick Mulvaney, acting director of the Consumer Financial Protection Bureau.
According to the Heartland Credit Union Association, which represents CUs in both states, attendees discussed various actions and rules the bureau has put forth, and how those impact consumer access to affordable financial services. Other topics included how the regulatory burden impacts (often negatively) small financial institutions, the bureau’s small-dollar lending rule and efforts for CUs to provide more options for consumers who need those products, as well as CUs efforts to boost small business lending, offer remittances, overdraft services and more.
“At the end of the day, credit unions want what is best for consumers. That means a fair and balanced regulatory environment that doesn’t take a one-size-fits-all approach,” Heartland President and CEO Brad Douglas said in a statement. “Acting Director Mulvaney’s willingness to engage and listen to our concerns is a welcome opportunity for us to share first-hand how federal rules designed for Wall Street can hurt hometown financial institutions like credit unions and the communities they serve.”
The roundtable also included discussion of how the recent reg relief packaged signed into law by President Trump will impact credit unions and consumers.
Mulvaney’s visit took place just days after he made news by shuttering the bureau’s consumer advisory councils, including its credit union advisory board. HCUA reps said the changes to the advisory boards did come up in conversation, including how the bureau would go about seeking input from CUs.
“We were pleased to have the opportunity to engage directly with Acting Director Mulvaney and discuss regulatory issues affecting our credit unions,” said Douglas. “Asking questions and hearing directly from the people working and leading in our credit unions can help the Bureau gauge and assess priorities affecting our 2.5 million members in Kansas and Missouri.”