As Prepared for Delivery on July 30, 2020
Thank you, Mr. Chairman.
Although we are not voting today on the mid-year NCUA budget, I wish to comment on the allocation of additional resources to the agency’s consumer protection mission.
Consumer protection is endemic to the NCUA and the credit union community, as the typical credit union’s business model focuses almost entirely on extending credit and other financial services to its member consumers. Treating consumers inappropriately is not only wrong and in violation of the law, it’s bad for credit union business and undermines the agency’s safety and soundness mandate.
As such, it’s imperative that we provide the agency’s consumer protection staff with the resources necessary to continue to proactively safeguard credit union consumers. The 120 million or so Americans who rely on credit unions, and our staff who carry the burden of protecting those consumers, deserve that commitment.
I encourage my colleagues to allocate additional resources to our consumer protection mission when they vote to consider the mid-year NCUA budget.