Press

NAFCU calls on CFPB to make CUAC meetings permanent

WASHINGTON, DC (May 29, 2018) — National Association of Federally-Insured Credit Unions (NAFCU) Regulatory Affairs Counsel Andrew Morris today sent a letter to the Consumer Financial Protection Bureau (CFPB) encouraging the bureau to continue meeting with credit unions through its Credit Union Advisory Council (CUAC) and other external engagements in order to allow stakeholders ample opportunity to offer feedback on financial issues and the CFPB’s rulemakings.

In the letter, Morris writes that “external engagements provide a vital forum for credit unions to have their voices heard in Washington” and urged the Bureau “to continue its existing channels for connecting with stakeholders.” He specifically asked the CFPB to continue holding CUAC meetings even though the council is not statutorily required in order to fully understand the impact of its rulemakings.

“As membership on the CUAC is limited to representatives of credit unions with under $10 billion in assets, it gives credit unions subject to the Bureau’s rulemaking, but not its supervisory authority, a chance to be heard,” Morris wrote. “Several of NAFCU’s members are serving or have served on the CUAC, and all have found the experience to be immensely worthwhile.”

In addition to maintaining CUAC meetings, Morris recommended the bureau:

continue to hold field hearings and town halls, and to hold such events at least quarterly in geographically dispersed locations;
ensure field hearings, town halls and roundtables are publicly accessible, and balance public and private sessions for board and council meetings;
provide at least 30 days of notice for upcoming events on the CFPB’s website, social media channels and other outlets, and promptly notify through the same channels of event changes; and
continue to provide livestream video coverage of its events.

Morris was responding to the CFPB’s request for information on its external engagements, including field hearings, town halls, roundtables and meetings of its Consumer Advisory Board and councils.

For full text of the letter, click here.

About NAFCU

The National Association of Federally-Insured Credit Unions is the only national trade association focusing exclusively on federal issues affecting the nation’s federally-insured credit unions. NAFCU membership is direct and provides credit unions with the best in federal advocacy, education and compliance assistance. For more information on NAFCU, go to www.nafcu.org or @NAFCU on Twitter.