Removing Barriers Blog

CUNA-supported amendment in H.R. 1500 passes House of Representatives
Posted May 23, 2019 by CUNA Advocacy

Earlier this week, CUNA wrote in favor of an Amendment that would ensure credit unions would be represented on the Consumer Advisory Board (CAB) at the CFPB.  The Amendment was offered by Representative Haley Stevens and it passed with a 418-10 vote. 

The CFPB’s CAB is an important tool in identifying and assessing consumer financial practices, trends, and products and providing recommendations.  However, there is no requirement that representatives of credit unions, community banks, or small businesses be appointed to serve on the board. Currently, there is no credit union representation on the CAB.

The letter also noted CUNA’s strong support of the Credit Union Advisory Council, which currently consists of all CUNA member credit unions, and the Community Bank Advisory Council, and notes that CUNA has called on the CFPB to “retain these councils in their current form and encourage Congress to make them a permanent fixture.”

CUNA joined a number of trade association in writing in opposition to an H.R. 1500 amendment that would reinstate the CFPB’s arbitration rule. The amendment passed with a 235-193 vote. 

H.R. 1500 passed the House with a 231-191 vote.