Removing Barriers Blog

Credit Union Advisory Council Meeting will be Held this Month
Posted March 09, 2016 by Chandler Schuette

The next Credit Union Advisory Council (CUAC) meeting will be held on March 24, at 3 p.m. at the Consumer Financial Protection Bureau (CFPB). Eight new credit union representatives were appointed to the CUAC this year, including six CUNA members. Topics at the public portion of the meeting will include the CFPB strategic outlook and elder financial abuse.

The CFPB’s policy priorities over the next two years include several topics which will impact credit union operations such as small dollar lending, debt collection practices, and overdraft protection. Accordingly, the work and the input of CUAC members is crucial for the CFPB to have a better understanding of how past and future rulemakings impact credit unions. This is particularly acute in light of recent remarks from Director Cordray.

CUNA staff also plans to attend the open portion of the meeting. We have supported legislation that would codify the CUAC and the CFPB’s Small Business Advisory Board, which are currently established on a voluntary basis. The bill, The Bureau of Consumer Financial Protection Advisory Board Act (H.R. 1195) passed the U.S House in April.