There seems to be blood in the water with respect to the CFPB. The PHH case is going on right now and we are all waiting to see what happens. While this is going on, now Credit Unions throw their hat into the CFPB fight.
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Shutdown the CFPB!! Congrats Aunt Ginger!
I don’t feel so sorry for credit unions. They don’t pay the same tax percentages as community banks, and are on a different playing level altogether…at least in our area. In our area they are involved in shady MSA’s with nearly every large real estate company, offer 100% financing, AND are a quarter of a point cheaper than the rest of the banks in town. We also have 7 credit unions in our area that drive the market. I’m not saying they are all bad…just saying they definitely have benefits as well. So, although I agree with their thoughts on the CFPB in general, I would be careful as there are many things they have been shielded from that big banks have been severely penalized for.