Today Credit Union National Association Chief Advocacy Officer, Ryan Donovan, released the following statement following reports that the Bureau of Consumer Financial Protection (CFPB) is restructuring its Advisory Board and Councils.
“If the leadership of the Bureau was a multi-person, bipartisan commission versus a single director, it would likely be much more difficult to fire the entire Consumer Advisory Board,” said CUNA Chief Advocacy Officer Ryan Donovan. “It is long overdue for consumer groups and policymakers to take the politics out of consumer financial protection and support a commission to run the Bureau.”
“Furthermore, we appreciate the input the Credit Union Advisory Council has provided the Bureau throughout the years. This Council is a valuable asset and should be preserved as it has been critical in educating the agency on the credit union difference, the unique not-for-profit structure and overall mission of credit unions. CUNA strongly encourages the Bureau to continue engaging credit unions in its external outreach to gain a better understanding of credit union business model, specifically as it relates to how regulations affect operations and service to consumers.”
The Bureau has indicated it will reassemble the entities into smaller groups with new members. The agency also indicated it will also depend on regional town halls and roundtable discussions.