Missouri credit union leaders are scheduled to meet with members of the Consumer Financial Protection Bureau (CFPB) staff less than two weeks after President Barack Obama appointed Richard Cordray as CFPB Director. The meeting will take place during the Missouri Hike the Hill on January 17. Missouri representatives will meet with Elizabeth Vale, who heads CFPB’s efforts with credit unions and community banks.
President Obama appointed Cordray during the Congressional recess on January 4. This allows Cordray to take the post without Congressional approval. More than 40 members of Congress signed a letter opposing naming a director until structural changes are made to the agency, and the U.S. Senate had failed to approve Cordray’s appointment in December. Cordray, who was serving as the head of the agency’s Enforcement Division, is a former Attorney General for the state of Ohio.
With Richard Cordray's installation, the full authority of CFPB under Dodd-Frank is now activated. Specifically, non-bank financial firms will now be supervised and regulated by CFPB. The CFPB will be able to move forward on efforts impacting credit unions as well as other financial institutions.
“This is an important step forward for protecting consumers,” said Cordray. “Holding both banks and nonbanks accountable to consumer financial laws will help create a fairer, more transparent market for consumers. It will create a better environment for the honest businesses that serve them. And it will help the overall economic stability of our country.”