Nussle: Dear CFPB, credit unions serve Americans’ financial well-being 365 days a year

first_imgShould a megabank that was forced to pay at least $968 million in fines and consumer relief to settle allegations of abusive mortgage practices be highlighted by the Consumer Financial Protection Bureau (CFPB) for its show horse Super Bowl ad on “financial well-being?”Credit Union National Association President/CEO Jim Nussle took issue with the CFPB’s action Monday. Nussle underscored that financial counseling is a pillar of credit unions’ service to members 365 days a year.The CFPB was created by the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act. And that law, in turn, was brought about in response to the subprime mortgage crisis that brought the country to the brink of economic disaster.The 30-second SunTrust Banks Super Bowl spot pledges the $191 billion-asset bank will help consumers reduce “financial stress.” CFPB Director Richard Cordray prepared a statement acknowledging the megabank’s ad for bringing up the topic of “financial well-being,” saying more must be done to address the issue. continue reading » 3SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img read more