WASHINGTON – The Cornerstone Credit Union League is holding its first regulatory “Hike the Hill” visits here this week.
Activities include a legislative and regulatory briefing with Cornerstone and CUNA staff, followed by visits of nearly 40 credit union and association staff at the Consumer Financial Protection Bureau and NCUA.
“This first-ever effort by Cornerstone is an extraordinary opportunity to visit with regulators to voice the thoughts and concerns of credit union leaders,” says Cornerstone Senior Vice President and Regulatory Compliance Counsel Suzanne Yashewski. “We hope the meetings can positively influence CFPB’s soon-to-be proposal on courtesy pay to ensure that such programs remain a viable option to serve credit unions’ needs, as well as to generate income.”
During Cornerstone’s visit with the CFPB, members visited with CFPB Deposit Markets Program Manager Gary Stein and other CFPB staff for an hour and a half. “Unexpectedly, our meeting was joined by CFPB Director Richard Cordray for the final half hour, a unique and exceptional opportunity for credit unions. From our perspective, the meeting was an extraordinary success,” said Yashewski.
“Our meetings with NCUA lasted about an hour and included Chairman Debbie Matz and other high-level staff,” explains Yashewski. “Our talks centered on efforts to provide regulatory relief, the credit union movement, future changes on which the NCUA is working with regard to fields of membership, and the NCUA’s latest member business loan proposal to provide regulatory relief and expand opportunities for credit unions to engage in member business lending,” added Yashewski in a statement released by the Cornerstone league. “Additionally, concerns were shared by the credit unions about the exam process, and NCUA said they are focusing strongly on education of staff and examiners to make the process more effective moving forward.”