New Consumer Financial Czar Cultivates CUs
SAN DIEGO – Area credit union executives last week met privately with Elizabeth Warren, the presidential advisor who is building the Consumer Financial Protection Bureau, the latest in an effort by the consumer advocate to build support among credit unions and community banks.
Warren, who called on credit union support during CUNA’s Government Affairs Conference last month, told the executives during a meeting at the office of San Diego County CU that she is convinced credit unions are the good players in the financial marketplace and had nothing do with the financial meltdown. Credit union executives told her of their concerns about the impending debit fees rule that will cut interchange by large amounts.
Among the credit union executives at the meeting were: Teresa Halleck, president of San Diego County CU, John Tippets, president of North Island Financial CU, and Diana Dykstra, president of the California CU League.
Warren has been courting a variety of constituencies as she works to build the new consumer protection agency in the face of broad opposition by big banks and their allies. It is not clear whether President Obama will formally nominate her to direct the new agency because of widespread opposition among Republicans in the Senate, where a nomination must be approved.
The consumer protection advocate also has met privately recently with leaders of CUNA and NAFCU to discuss concerns by credit unions.