CUNA-backed bills pass House Financial Services Committee

(June 11, 2014) — Today, the House Financial Services Committee held a markup on several bills relating to the structure and reach of the Consumer Financial Protection Bureau (CFPB).  The Credit Union National Association (CUNA) is a strong supporter of several of these bills, including the Bureau of Consumer Financial Protection Small Business Advisory Act (H.R. 4383), introduced by Representative Robert Pittenger (R-N.C.), which would create a small business advisory board at the Bureau. The bill passed by voice vote out of Committee.

“CUNA asked the committee during a recent hearing to consider codifying the Credit Union Advisory Council, which was created by Director Cordray even though the Bureau is not required to have one under law,” said Ryan Donovan, CUNA’s Senior Vice President of Legislative Affairs. “CUNA is a strong supporter of Rep. Pittenger’s bill and has worked for its passage since the legislation was introduced. We look forward to seeing this come to a vote on the House floor.”

CUNA first expressed interest in the advisory board in a March 2013 letter, and the letter served as the basis for committee testimony in June 2013. CUNA then released a comprehensive regulatory relief proposal in October 2013, including the need for such a bill. After Rep. Pittenger introduced H.R. 4383 in April 2014, the Subcommittee on Financial Institutions and Consumer Credit held a hearing including this legislation, with CUNA submitting a comment letter to the subcommittee prior to the hearing in support of the bill. In advance of today’s full committee markup, CUNA sent another letter of support for H.R. 4383 and several other bills being considered by the committee.

The following CUNA-backed bills passed by voice vote in committee today:

  • The Bureau of Consumer Financial Protection Small Business Advisory Act (H.R. 4383), which would create a small business advisory board and codifies the credit union and community bank advisory councils. H.R. 4383 was introduced by Rep. Robert Pittenger (R-N.C.) and Rep. Denny Heck (D-WA).


  • The Bureau Advisory Commission Transparency Act (H.R. 4262), which would clarify that the Federal Advisory Committee Act applies to the CFPB and would, in effect, open bureau advisory committee meetings to the public.  Rep. Sean Duffy (R-Wis.) introduced this bill.

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