Truilant Federal Credit

Credit Union Execs Find Silver Lining in Consumer Financial Protection Bureau

Trulia Federal Credit Union President / CEO Marcus Schaefer (Winston-Salem, North Carolina) wanted to make clear its position on the formation of the Office of Financial Consumer Protection (CFPB) - cautious optimism.

As reported in an article in Credit Union Times, last month, Schaefer was portrayed as a CEO would be worried that the CFPB, "... regulatory issue that will cause his $ 1.1 billion fund have to spend more time on compliance issues and less time to help members manage their financial affairs."

When approached by the unions credit line, Schaefer was relieved to be able to erase the misconception that he was "apprehensive" as he was portrayed in the previous room.

"We had a conversation with CFPB for some time and are actually very happy with this type of awareness. There have been many exchanges of ideas and roundtable discussions among team members such as Elizabeth Warren and other credit unions, so I certainly do not feel "fear" or believe that a CFPB the for damage to the sector of credit unions."

Earle Shelner, VP / Finance Educational Community Credit Union (Kalamazoo, Mich.) echoes the sense of Schaefer on the direction of CFPB is. He said: "I think the CFPB can be an excellent resource for consumers if it does not get bogged down. I think that their mission does not allow credit unions if done properly. Their goal is to let consumers know in advance the price and risk, and then make offers easy to compare."Although Shelner did not work directly with the CFPB, he says to look at the website CFPB, it seems that the group is to be fully upstream projects they are working on and asking for comments.

Credit Unions Adopt a cautiously optimistic

That said, Schaefer said that regulatory changes can produce growing pains.

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