Cordray Praises CU Financial Literacy Efforts Posted by AVCU on 11:38 AM

During last week's meeting of the CFPB's Credit Union Advisory Council (CUAC), Director Richard Cordray included in his opening remarks that credit unions are “pace-setters” when it comes to consumer education, and are leaders in youth financial education.

Cordray also highlighted a Financial Industry Regulatory Authority national financial capability study. The study showed that half of those participating did not have 3 months of emergency savings and more than a third said they likely would not have enough money to cover an unexpected expense of $2,000. Such statistics are in line with concerns CUNA have brought to the CFPB about allowing safe and affordable small-dollar credit options from credit unions to remain uninhibited.

During the meeting members of the Credit Union Advisory Council discussed debt collection practices. CUAC members highlighted a number of differences between credit union communication and debt relief efforts with distressed consumers and for-profit third-party debt collectors.

More information on the meeting can be found on CUNA’s Removing Barriers Blog.