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News Now

Washington
CU Seat Essential If CFPB Leadership Becomes a Panel
WASHINGTON (11/20/13)--If the single Consumer Financial Protection Bureau director model is replaced with a panel, a seat specifically designated for a person with experience related to credit unions must be added, the Credit Union National Association emphasized in a letter sent to the House Financial Services Committee today.

The letter was sent for the record of a full committee markup on six CFPB bills.

The Responsible consumer Financial Protection Regulations Act (H.R. 2446) is one of the bills slated for markup. The bill, introduced by Rep. Spencer Bachus (R-Ala.), would replace CFPB Director Richard Cordray with a five-member commission.

CUNA also recommended that the proposed five-member board be expanded further. "The concern we raise is that there's no guarantee that the CFPB Board would include someone who had experience running a financial institution, specifically a credit union, and that without such experience, there would not be an appreciation for the totality of regulatory burdens facing credit unions," CUNA President/CEO Bill Cheney wrote.

Other bills set for markup and supported by CUNA include:
  • The Consumer Financial Protection Safety and Soundness Improvement Act (H.R. 3193), which would authorize the Financial Stability Oversight Council to stay or set aside any CFPB regulation that is found to be inconsistent with safe and sound operations of financial institutions. The bill would also require the CFPB to take into consideration the impact of its rules on insured depository institutions;
  • The Consumer Right to Financial Privacy Act (H.R. 2571), which would prohibit the CFPB from requesting, accessing, collecting, using, retaining or disclosing nonpublic personal information about a consumer unless proper disclosures are provided to the consumer;
  • H.R. 3183, which would require the CFPB to provide at a consumer's request one free annual report disclosing all of the information about the consumer held by the CFPB; and
  • The Bureau of Consumer Financial Protection Accountability and Transparency Act (H.R. 3519), which would subject CFPB funding to congressional appropriations.
The CFPB Pay Fairness Act of 2013 (H.R. 2385) is also on the hearing agenda.
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