Community banks and credit unions

Community banks and credit unions play critical roles in ensuring a fair, transparent, and competitive marketplace for consumer financial products and services. They generally base their businesses on building personal, long-term customer relationships. They can be a lifeline to hard-working families paying for education, unexpected medical bills, and homes.

Different consumers require different financial products and services to meet their needs. The CFPB is committed to working with community banks and credit unions to ensure that American families have access to and understand a variety of products, services, and financial relationships, both now and in the future.

From the beginning, we committed ourselves to this collaboration. Before we opened our doors on July 21, 2011, we had met with representatives from small depository institutions from all 50 states. To continue that commitment, we established an Office for Community Banks and Credit Unions. Bart Shapiro, who possesses years of banking and policy making experience, leads this office.

• to ensure that the Bureau incorporates the perspectives of small depository institutions into our policy-making process;
• to communicate relevant policy initiatives to community banks and credit unions; and
• to work with community banks and credit unions to identify potential areas for regulatory simplification.

The CFPB assesses the potential impact of its rules on small depository institutions and rural consumers. This is both a matter of law and a reflection of our commitment to form partnerships with the financial institutions that serve American families. Before proposing a regulatory change, the CFPB will draw on the expertise of small entities with deep knowledge of small businesses. With the help of small depositories, the CFPB hopes to establish a level playing field, enable customers to understand the true costs of financial products, and ensure that honest lenders do not need to compete against phantom prices or hire an army of lawyers to understand what the rules are.

From our blog…

Know Before You Owe, Credit Unions, and Community Banks
By Elizabeth Vale

As you have been reading here on the blog, we released the first draft versions of a combined Good Faith Estimate and Truth in Lending disclosure form in May. Here on the website, we asked for public feedback through the Know Before You Owe project. We’ve also been talking to some of the institutions that will have to use these forms with their customers….Read more

 
Continuing Our Work with Community Banks and Credit Unions
By Elizabeth Vale

Since Professor Warren spoke at the Independent Community Bankers of America convention last month, she and I have continued to meet with community banks and credit unions. We were thrilled to reach the milestone of connecting with small providers in all fifty states, but we know there is still more for us to do. As we said at the time, we are continuing to reach out to independent bankers and credit unions from across the country to better understand their concerns…Read more

 
Fulfilling a Commitment
By Elizabeth Vale

In our first week on the job, Professor Elizabeth Warren set a goal for the new consumer bureau: to reach out to small, independent bankers from all 50 states before July 21st. We are excited to announce that she has reached her goal early after speaking to bank heads from Arizona, New Jersey, New Hampshire, Maryland, and Connecticut… Read more

 
At the Podium with America’s Credit Unions
By Elizabeth Vale

Last Tuesday morning, Professor Warren spoke to the Credit Union National Association (CUNA) at its Annual Governmental Affairs Conference. CUNA is a trade association representing 90 percent of America’s credit unions.

Also last week, thirty-five members of the Delaware Bankers Association visited Washington to meet with several federal agencies and Congressional staffers. On Friday, Professor Warren sat down with the group to share ideas… Read more

 
Talking to Small Financial Service Providers
By Elizabeth Vale

Last week, Elizabeth Warren met in Rosemont, Illinois, with twenty members of the Community Bankers Association of Illinois (CBAI). She discussed the consumer bureau’s priorities and highlighted the Office of Community Banks and Credit Unions. This office is dedicated to communicating with small financial service providers about their concerns, feedback, and suggestions… Read more

 
Professor Warren Speaks with America’s Credit Unions
By Victor Zapanta

Yesterday, Professor Warren delivered an address to the Credit Union National Association, a trade association representing credit unions throughout the United States.

Here is a portion of her remarks… Read more

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