updated 12/17/12 12:08 PM
BUREAU SHARES INSIGHT AT FTSI EVENT
CFPB Official, Panel Discuss Issues
Financial Technology Solutions International, Inc. (FTSI) presented an educational symposium featuring an official from the Consumer Financial Protection Bureau (CFPB) and a panel with California credit union executives on Dec. 7 in Monrovia, CA. The event was attended by approximately 40 credit union and banking professionals.
(L-R): Jeff York, president and CEO, CoastHills FCU; Gary Stein, deposits markets program manager, CFPB; Rita Fillingane, VP, Research & Collaboration for the Leagues; Laura Thompson, SVP and CIO, Orange County's CU; and Gene Polito, president and COO, FTSI
Gary Stein, deposits markets program manager for the CFPB, spoke about innovation in today's regulatory environment. He gave an outline of how CFPB is organized, and explained that part of the bureau conducts testing of consumer disclosures while another part conducts real-world and laboratory testing. Stein said that the CFPB's areas of focus going forward will be overdrafts, payday lending, prepaid cards, private student banking, credit reports, and collections.
Stein said that the bureau is looking to streamline regulations where possible, and is reaching out to entrepreneurs in an attempt to bring new innovation to the field of banking products. He also said that the bureau wants to get more feedback directly from credit unions, not just from their leagues, about how the proposed regulations would impact their operations.
(L-R): York, Stein, and Gregg Stockdale, president and CEO, 1st Valley CU
During a question-and-answer period following his prepared remarks, Stein said the most common trends he sees in consumer complaints are in regards to credit card billing errors and rates, the opening and closing of deposits, and deposit products.
The symposium concluded with an executive panel discussion with Gregg Stockdale, president and CEO of 1st Valley CU; Laura Thompson, SVP and CIO of Orange County's CU; Jeff York, president and CEO of CoastHills FCU; and Rick Hoffman, VP of business development and legislative affairs for CU of Southern California. The panel, which also included Ken Nagel, SVP of IT and CIO for Farmers and Merchants Bank; and was moderated by Malon Updike, director of marketing and deployment for the Americas for NCR Corp., discussed how the CFPB has impacted their credit unions. Their consensus was that the bureau should work to achieve the right balance by issuing regulations for widespread problems rather than "one-percent problems." Also, the panel agreed with the bureau's intent to inform consumers but thought that its directives should be clear and simple, and observed that there is often a duplication of efforts between the various regulatory agencies.
FTSI offers technology in partnership with RiskWatch International to protect credit unions' IT operations and member information, and assist with regulatory compliance. For more information, contact Candy Sims at 909.212.6016 or candys@ccul.org.
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