Cordray Praises Credit Unions For Housing Solutions
Posted on Tue, Mar 20, 2012
Consumer Financial Protection Bureau head Richard Cordray heralded credit unions for their fair banking practices and consumer resources in his speech before the Credit Union National Association's Governmental Affairs Conference this week.
More specifically, Cordray highlighted credit union programs that provided mortgage resources and tutorials for potential buyers, noting that these services may have helped inform more consumers had they been in place before the housing bubble burst.
"You are people helping people by providing high quality financial services to your members," Cordray said. "I know that some credit unions run a 'Mortgage School' so their members can fully understand the process of obtaining a mortgage and becoming a homeowner. I applaud you for those efforts and wish more financial institutions would follow your example."
In addition, the CFPB head said credit unions were not responsible for the types of predatory practices that led to the financial collapse, and encouraged unions to come forward if they discovered these infractions being carried out by other institutions. Cordray assured credit unions that the agency would try to shield them from negative effects of the new regulatory environment.
"One of our major objectives is to help level the playing field between you and your nonbank competitors," said Cordray. "In order to do that, we need your help. We need to hear from you about what you see going on in the marketplace."