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Removing Barriers Blog

CUNA Sends Letter Supporting Bill to Codify Credit Union Advisory Council
Posted August 05, 2015 by CUNA Advocacy

On August 5th, CUNA President and CEO Jim Nussle sent a letter in support of S. 1963, the “Bureau of Consumer Financial Protection Advisory Board Enhancement Act.”  The bill introduced by Senators Mike Rounds (R-SD) and Angus King (I-ME) would codify the Credit Union Advisory Council at the Consumer Financial Protection Bureau.

Credit unions have found Credit Union Advisory Council (CUAC) meetings to be helpful.  There have been concerns from credit unions that the CUAC could be abolished at any time because it is not required by law.  By codifying the CUAC, credit unions would be ensured that they would be able to continue to share valuable information to the CFPB director and staff.

The House version introduced by Congressmen Robert Pittenger (R-NC-9) and Denny Heck (D-WA-10) passed the House on April 22.