CUNA to Congress: Multi-member commission at the CFPB is best for consumers
WASHINGTON, DC (March 27, 2019) — Credit Union National Association (CUNA) sent a letter in response to the House Financial Services Committee (HFSC) markup of H.R. 1500, the “Consumers First Act.”
The trade organization has long advocated for a multimember, bipartisan commission at the Consumer Financial Protection Bureau (CFPB) but is concerned with several provisions of the bill, including the dilution of the Credit Union Advisory Council (CUAC).
CUNA believes the Consumers First Act would be a more effective instrument of sustainable change if the bill was grounded in improving the Bureau’s leadership structure through the adoption of a multimember, bipartisan commission. The Bureau currently operates in a single director structure, which credit unions believe gives too much authority to one individual rather than meaningful oversight through a bipartisan commission.
Credit union members and other consumers benefit from policymaking that includes more voices. This structure is consistent with the traditions of our democracy and would provide certainty that is essential for consumers and the financial services industry.
Credit Union National Association (CUNA) is the only national association that advocates on behalf of all of America’s credit unions, which are owned by 135 million consumer members. CUNA, along with its network of affiliated state credit union leagues, delivers unwavering advocacy, continuous professional growth and operational confidence to protect the best interests of all credit unions. For more information about CUNA, visit cuna.org. To find your nearest credit union, visit YourMoneyFurther.com.