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CFPB’s Chopra, NAFCU’s Berger, member CUs discuss issues impacting the industry
CFPB Director Rohit Chopra joined NAFCU President and CEO Dan Berger and member credit unions Tuesday for a virtual town hall discussion on a broad range of issues impacting the credit union industry.
Berger asked Chopra questions on various topics, including the bureau’s rulemaking on “junk fees,” its guidance on adverse action notices when using artificial intelligence, and oversight of the mobile payment ecosystem.
When asked about the differences between credit unions and banks, Chopra remarked he does see the credit union model as different, specifically “that it does not necessarily have the same incentives.”
Chopra discussed the interplay between fintechs and relationship banking and concerns about "non-depository and sometimes unlicensed entities being able to provide [financial services] without necessarily providing the customer service on the backend.” He also noted that those who have relationship banking business models have lower consumer complaints and fewer problems because there “tends to be a way to work things out.”
In addition, they discussed credit union priorities, such as the need for increased fintech supervision and what the bureau is currently doing to protect consumers from emerging threats and fraud. Following the discussion, participants engaged in a live Q&A session.
NAFCU remains engaged with the CFPB and is monitoring the Supreme Court’s hearing of the CFPB v. CFSA case.