BOSTON — Consumer Financial Protection Bureau Director Richard Cordray told credit unions Thursday during his general session address at NAFCU's Annual Conference that in some respects, they'd be worse off without the bureau.
"Congress provided that the new requirements of Title XIV of Dodd-Frank would have taken effect on their own terms in the absence of implementing rules issued by the deadline, which would have been in January 2013, six months ago," he said.
"And the statutory provisions were much less responsive to the special circumstances of smaller creditors, such as credit unions, than our rules have turned out to be. So, in important ways, the Consumer Financial Protection Bureau has been a very positive force for credit unions on these issues," the CFPB director said.
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