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Credit Unions Meet with CFPB Director Chopra

Credit unions met with CFPB Director Rohit Chopra Tuesday at the bureau’s DC headquarters, where over 20 leaders engaged in a roundtable facilitated by the MD|DC Credit Union Association.

Meeting with CFPB Director Chopra

The focus centered on soliciting feedback on three key rules currently under review: Overdraft, Non-Sufficient Funds, and Open Banking (specifically, the Personal Data Rule Section 1033). While the overdraft rule primarily affects institutions with assets exceeding $10 billion, Director Chopra sought insights into how credit union members utilize this service, their behavioral patterns, and the frequency with which they opt for overdraft instead of utilizing a line of credit.

A significant point of concern raised was the escalating sophistication of fraudsters, resulting in rising costs for credit unions as they work to safeguard members and cover losses. Director Chopra acknowledged the challenges in member protection from fraud and urged executives to deliberate on payment processing methods while considering the balance between convenience and security in combating fraud.

The discussion shifted to areas where credit unions are delivering for consumers from the bureau’s perspective. Director Chopra cited a recent CFPB study highlighting the competitive advantages of credit union-issued credit cards over those from major banks. Moreover, the conversation touched on the success of credit unions in the auto lending market, where they frequently offer consumers the most favorable terms.

This was the second roundtable the Association has convened with Director Chopra. The first was in July 2022 after he was named to lead the CFPB.

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