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News Now

Washington
UW CUs Mike Long to serve on Fed CAC
WASHINGTON (1/11/11)—Credit Union National Association (CUNA) nominee and UW CU Chief Credit Officer Mike Long will, starting in 2011, serve on the Federal Reserve’s Consumer Advisory Council (CAC). Long is one of 10 new CAC appointees. Long told News Now that he is honored to be a part of the CAC, adding that he looks forward to representing the interests of credit unions and their members during his time with the committee. CUNA nominated Long and Idaho Credit Union League President/CEO Alan Cameron to serve on the CAC last September. Cameron served on the CAC through the end of 2010. The CAC, which is composed of 30 members that serve three-year terms, advises the Fed on its responsibilities under the Consumer Credit Protection Act and on other matters in the area of consumer financial services. The group meets three times a year in Washington, D.C. and meetings are open to the public. The group discussed loss-mitigation efforts, the Obama Administration's Making Home Affordable program, neighborhood stabilization initiatives and challenges, and other issues related to foreclosures during its last meeting, which took place on June 17, 2010. The CAC has not scheduled its first meeting of 2011. The Fed said that the CAC will continue to hold meetings until a number of consumer protection functions, in accordance with the Dodd-Frank financial regulatory reform act, are moved from the Fed to the new Consumer Financial Protection Bureau (CFPB). The CAC will be dissolved at that time, but the CFPB is authorized to establish its own consumer advisory body.


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