Cordray Calls on CUs To Help CFPB Aid Consumers

Consumer Financial Protection Bureau Director Richard Cordray today called on credit unions to work with the agency "to address the consumer financial issues central to the lives of people all across this country.

"The people we jointly work for, your members, and American consumers, are eager to discover a new and improved consumer financial marketplace. And they deserve it," he added.

In his remarks before the Credit Union National Association's 2013 Governmental Affairs Conference, Cordray noted that it was not the traditional lending practices of credit unions that created the financial crisis. In fact, he said credit unions were the original consumer protectors, and were sounding the alarm bell long before the financial crisis.

"In short, we believe that credit unions and the consumer bureau see the world in the same way: Consumers who understand their options, weigh choices appropriately and make sound decisions are good for responsible businesses and the economy as a whole," Cordray said.