CFPB to financial industry: Wake up and smell the coffee, we are not your enemy

Despite how it may be perceived, the Consumer Financial Protection Bureaudoesn’t view itself as an “enemy” of the financial industry, nor does it want the industry to view it in that way.

Rather, the CFPB wants the financial industry to think of it as “an important new friend and ally” in helping to serve the financial needs of the public, as CFPB Director Richard Cordray told the Credit Union National Association earlier this week.

According to Cordray’s prepared remarks made public by the CFPB, Cordray told the group of credit unions that the industry needs to stop “attacking or resisting the CFPB.”

Instead, Cordray said that credit unions should be “supporting and speaking up for what (the CFPB) is doing for the best and most responsible financial institutions such as credit unions, that compete based on personal focus and strong customer service.”

Cordray made the remarks in a wide-ranging speech touching on many issues that face credit unions and the financial industry at large. During his speech, Cordray repeatedly spoke about the disconnect that exists between the CFPB and the members of the industry it regulates.

“It is time for credit unions, and CUNA, to wake up and smell the coffee: the Consumer Financial Protection Bureau is not your enemy; on the contrary, it is an important new friend and ally,” Cordray said.

Read on.

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