The Office of Financial Empowerment is the division of the CFPB responsible for developing and implementing programs that empower low- to moderate-income consumers to make better financial decisions, Credit Union Times reports.
In 2008, Rosenthal announced that he would retire from the Federation once he turned 65. The financial crisis, however, delayed his departure plans. Earlier this month, Rosenthal announced that he would begin working for an unnamed federal agency beginning May 7.
Rosenthal served as a Federation leader since the early 1980s, championing the development of community credit unions.
“If I may borrow a phrase from the Peace Corps, this is the toughest job I’ve ever loved,” Rosenthal said, according to Credit Union Times. “Leaving is not easy – I’ve spent half my adult life here (you can check my social security card!). But, the Federation is strong, stable and sustainable. Our board and staff are incredibly dedicated and experienced.”
Credit Union National Association CEO Bill Cheney said that Rosenthal is “the colossus of community development credit unions.”
“[F]or more than 30 years, [Rosenthal] has devoted his professional life to the growth of these institutions and has earned accolades for both the [Federation] and the credit unions themselves,” Cheney said, according to Credit Union Times. “Although we will miss his dedication, enthusiasm and intellect, we wish him success in this next chapter of his career and look forward to working with him.”