WASHINGTON–The CFPB’s Credit Union Advisory Council is set to meet on Thursday, and one person believes it will offer substantive guidance to the agency.
For the first time, noted NAFCU EVP/General Counsel Carrie Hunt, the Advisory Council will be tackling faster payments, that is the time it takes for payments to be processed for all parties when financial institutions are part of the process. In addition, CUAC will also be discussing issues related to debt collection, which the CFPB has also tackled separately. Hunt described both as “weighty” issues.
The meeting is being held following a reduction in size of not just the CUAC but also its Community Bank Advisory Council and Consumer Advisory Council. When the CFPB announced its reconstituted Councils with just seven members, down from more than 20, as well as further announcing the Councils would meet less frequently, there were criticisms that the changes were designed to minimize input.
But Hunt said she doesn’t believe those fears are proving to be well-founded.
“I do think (the CFPB) is taking the CUAC’s input seriously. There was concern that they might not as there aren’t as many viewpoints, but I think it’s actually the opposite,” said Hunt. “They are taking the responsibility seriously.”
CUAC Members
Members of the Credit Union Advisory Council include:
- Arlene Babwah, Vice President Risk Management, Coastal FCU
- Sean Cahill, President & CEO, Southwest 66 Credit Union
- Teresa Campbell, President & CEO, San Diego County Credit Union
- Christopher Court, Vice President, Accounting & Operations, Service 1st FCU
- James Hunsanger, Chief Risk Officer, Michigan State University FCU
- Bryan Price, President & CEO, Indiana University Credit Union
- Eric Schmidt, President & CEO, WestStar Credit Union
Also On NAFCU Agenda in Washington
Also in Washington this week, Hunt said NAFCU continues to work with congressional staff on BSA and AML, as well has CECL. But while there has been legislation introduced in Congress that would delay CECL, Hunt said NAFCU ultimately expects the new accounting standard to proceed on its current schedule.
“Our concerns with CECL are not just with day one, but with the long term,” Hunt said. “We’re not optimistic for a legislative delay.”