WASHINGTON—Sen. Mike Rounds (R-SD), a member of the Senate Banking Committee, and Sen. Angus King (I-ME) have reintroduced legislation that would make permanent the CFPB’s Credit Union Advisory Council and also establish a small business advisory board at the bureau.
Under the legislation, titled the Bureau of Consumer Financial Protection Advisory Board Enhancement Act (S 1579), the new small business advisory board would deliver information on emerging practices and concerns of small businesses that provide financial products or services to the bureau. The bill would also make permanent the CFPB's Community Bank Advisory Council, NAFCU noted.
"NAFCU thanks Sen. Rounds and Sen. King for reintroducing this bill and for recognizing the need for the CFPB to hear directly from credit unions on matters affecting them," said NAFCU Vice President of Legislative Affairs Brad Thaler. "NAFCU supports the CFPB’s CUAC, as it provides credit unions an important platform to help ensure their interests are taken into account by the CFPB as it drafts rules."
CUNA President/CEO Jim Nussle wrote this week in support of the bill.
“Credit unions have found the CUAC meetings helpful and provide an opportunity for credit unions to share information, analyses, recommendations and the unique perspective of not-for-profit financial institutions with the Bureau’s director and staff,” Nussle wrote. “The CUAC is a valuable resource for the Bureau to receive feedback from credit unions regarding how its proposals and final rules will affect how they serve their members, and in the absence of your legislation, there is no guarantee that the next director will continue the CUAC.”