Readers Sound Off on CFPB Leadership Debacle
CU Times’ reporting of confusion over the CFPB's leadership structure following former Director Richard Cordray's departure had readers talking at the end of 2017. Here's what people said.
“CUNA Assumes Mulvaney Is Boss at CFPB; Sends Him Wish List,” Nov. 27
Credit unions didn't need the CFPB when it was created and don't need it now. We have a board that has handled consumer issues in an exceptional manner. Credit unions have never cost the tax payers a single penny and will not going forward. The continued time and cost of complying with multiple regulatory agencies is unnecessary and has resulted in numerous credit unions being forced to either close or merge. If the CFPB is necessary then let it function against those institutions that are unfair to the consumer or cost the tax payers money. I would love to see, just once, what the real cost is to run the CFPB … direct cost down to equipment, real estate, labor, benefits, pencils and pens, and the cost of related agencies that have impact due to the existence of the CFPB.
Richard T. Webb
“Dodd & Frank on CFPB: Mulvaney There to ‘Shut the Agency Down,’” Nov. 30
Maybe I’m missing something but the way I read the provision in Dodd Frank is that the director could appoint an acting director when he is not available. I don't believe that fits here since he wasn't simply unavailable. He quit and was no longer going to be director.
“Credit Union Accuses Trump of ‘Hostile Takeover’ of CFPB,” Dec. 5
How many other credit unions feel what this CU is filing suit [for?] If this CU does due diligence and abides by CU laws and regulations, why [is it] so concerned about others? Members’ money [is going] down the drain by [the credit union] paying fees to its favorite attorneys.
What does this credit union think the NCUA does and has done since it started in 1986? Credit unions don't need the CFPB now nor when it was created. I question this credit union's board's knowledge of the credit union movement and this situation.
Richard T. Webb
While I understand wanting to help its members, the CFPB could put a ton of regulatory burden on the credit union, which could, as we have seen, cause an undue hardship trying to comply with these regulations. Why not use the money to promote member education instead of for a lawsuit?
I’m curious as to how the battle over leadership at the CFPB would cause a credit union's operation to be thrown into “regulatory chaos.” This seems like a politically motivated stunt to me. I wonder how the members of this CU would feel about management's decision to spend their equity on legal fees for a politically motivated and unwinnable case.
I absolutely agree with [former] NCUA Board Member Michael Fryzel relative to his comments about the new credit union's suit against the President of the United States. But, I would go one step further in his comments … I’m sure it wasn't just the president of the credit union – to take such significant action the board of directors must have agreed. They obviously don't understand the workings of the NCUA, NAFCU, CUNA, the state leagues/associations nor their own responsibilities!
Richard T. Webb
“‘We Don't Know Which CFPB Rules to Follow:’ Credit Union CEO,” Dec. 12
This appears to be an irresponsible political stunt that will result in a complete waste of that credit union's members’ money. Congratulations.
Perhaps we shouldn't follow the NCUA rules either since the possibility of having a Republican majority board could mean the changing of some of the rules recently implemented over the past number of years, or maybe we should stop following TRID as it could be rolled back as well.I just hope [Lower East Side People's Federal Credit Union CEO Linda] Levy is acting truly on behalf of the credit union's members and not for political reasons ...