House passes bill with amendment to ensure CU presence on CAB

CUNA wrote in favor of a successful amendment to the Consumers First Act (H.R. 1500) Wednesday, one that would ensure credit unions would be represented on the Consumer Financial Protection Bureau (CFPB) Consumer Advisory Board (CAB). Rep. Haley Stevens (D-Mich.) offered the amendment, which 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,” CUNA President/CEO Jim Nussle wrote to Stevens.  “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.

Thus, we thank you for and support your amendment which would ensure that the CAB has representation from community banks, credit unions, small business owners, and economic growth experts. This amendment will allow all voices and a wider range of perspectives of the financial services industry to be heard,” he added.

 

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