CFPB to reorganize CUAC, form new, smaller advisory groups

CFPB Acting Director Mick Mulvaney announced a reorganization of the bureau’s councils and advisory boards – including the Credit Union Advisory Council (CUAC). NAFCU has told Mulvaney of the value of the CUAC and hopes the reorganization of this council will allow for even more industry input.

“The Credit Union Advisory Council (CUAC) has been an ardent advocate for key industry issues since its inception in 2012,” said NAFCU Executive Vice President of Government Affairs and General Counsel Carrie Hunt. “The CUAC serves an important and constructive purpose, and one of the biggest frustrations our members had while serving on the CUAC under previous CFPB leadership was that their recommendations rarely were put into practice. We are hopeful that the bureau’s new approach to public outreach, including town halls and other forums, will allow for even more direct feedback from the credit union industry.”

These groups – the Consumer Advisory Board, Community Bank Advisory Council, CUAC and Academic Research Council – are statutorily required, and the bureau plans to create advisory groups with new, smaller memberships.

 

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