Removing Barriers Blog

CUNA Supports S. 1579 – Bureau of Consumer Financial Protection Advisory Board Enhancement Act
Posted July 20, 2017 by Chandler Schuette

CUNA sent a letter of support to Senator Rounds and Senator King for their recently introduced legislation – S. 1579, the Bureau of Consumer Financial Protection Advisory Board Enhancement Act. 

Shortly after the CFPB was established, the Bureau leadership announced the creation of the Credit Union Advisory Council (CUAC) and a similar group for community banks.  The CUAC, which includes many CUNA member credit unions, advises the bureau on how its rulemakings, enforcement actions, and policies are impacting credit unions. The CFPB recently appointed four new credit union professionals to the Council. 

If enacted, this legislation would codify the CUAC which is important because 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 this legislation, there is no guarantee that the next director will continue the CUAC. 

CUNA appreciates the leadership Senators Rounds and King have shown on this issue and look forward to working with them as this bill progresses through the legislative process.