Kraninger beefs up CFPB advisory committees, including CU Council

Kraninger says the advisory council will advise the agency on the bureau’s regulation of services that CUs offer.

Reversing a decision made by her predecessor, CFPB Director Kathy Kraninger announced Thursday that she intends to increase the role that advisory boards—including the Credit Union Advisory Council—play in agency decision-making.

“I’ve seen firsthand how the Bureau benefits from the valuable input provided by committee members,” Kraninger said. “I have also seen how the joint committee meeting is resulting in members sharpening their ideas by engaging in a thorough dialogue.”

The advisory groups include the Consumer Advisory Board, Academic Research Council Community Bank Advisory Council, and the Credit Union Advisory Council.

Mulvaney disbanded the previous credit union advisory panel and fired its members in June, causing a huge controversy. At the same time, he disbanded community bank and consumer advisory panels. Members of those panels had been appointed by former CFPB Director Richard Cordray, who was a much more aggressive regulator than Mulvaney.

 

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