WASHINGTON (10/29/13)--Credit union expertise must be included if the U.S. Congress moves to replace the single director of the Consumer Financial Protection Bureau with a broader multi-member commission, the Credit Union National Association said in a Tuesday letter.
The letter was submitted as a statement for the record of today's House Financial Services financial institutions and consumer credit subcommittee hearing entitled "Examining Legislative Proposals to Reform the Consumer Financial Protection Bureau."
Legislation that would replace CFPB Director Richard Cordray with a five-member panel is one of the bills scheduled to be discussed during the hearing. CUNA has recommended committee members consider expanding the board even further and including a seat "specifically for a person with experience related to credit unions.
"Expanding the scope of experience in this manner would enhance the quality of regulations promulgated by the CFPB by ensuring both the consumer perspective as well as the industry perspective is represented in the decision-making process," CUNA President/CEO Bill Cheney wrote.
Cheney in the letter also spoke in support of additional bills that would:
- Prohibit the CFPB from requesting, accessing, collecting, using, retaining or disclosing nonpublic personal information about a consumer unless it has clearly disclosed to the consumer what information will be requested, accessed, collected, used, retained or disclosed, and the consumer has indicated that the information may be requested, accessed, collected, used, retained or disclosed;
- Eliminate the CFPB's exemption from the Right to Consumer Privacy Act of 1978; and
- 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, the sources of that information and the identity of any person or agency to which the CFPB has disclosed such information.
For the full CUNA letter, use the resource link.
Other hearings scheduled for this week include:
- Today's Senate Banking Committee hearing on housing finance reform;
- Today's House Judiciary Committee hearing on "The Innovation Act" (H.R. 3309). CUNA submitted a letter for the record of this hearing (See News Now story: CUNA, Trades Back Goodlatte Patent Improvement Bill.);
- Today's House Financial Services Committee hearing on Federal Housing Administration financial issues;
- A Wednesday joint House Homeland Security subcommittee hearing entitled "Cyber Incident Response: Bridging the Gap Between Cybersecurity and Emergency Management";
- A Wednesday Senate Banking securities subcommittee hearing on the JOBS Act;
- A Wednesday House-Senate Conference Committee meeting on budget plans; and
- A Thursday Senate Banking Committee hearing on government guarantees for mortgage-backed securities.