NAFCU responds to CFPB announcement of changes to councils
WASHINGTON, DC (June 6, 2018) — National Association of Federally-Insured Credit Unions (NAFCU) Executive Vice President of Government Affairs and General Counsel Carrie Hunt issued the following statement in response to CFPB Acting Director Mick Mulvaney’s announcement regarding the reorganization of the bureau’s councils and advisory boards – including the Credit Union Advisory Council (CUAC).
“The [CUAC] has been an ardent advocate for key industry issues since its inception in 2012,” said Hunt. “The CUAC serves an important and constructive purpose, and one of the biggest frustrations our members had while serving on the CUAC under previous CFPB leadership was that their recommendations rarely were put into practice. We are hopeful that the bureau’s new approach to public outreach, including town halls and other forums, will allow for even more direct feedback from the credit union industry.”
The groups – the Consumer Advisory Board, Community Bank Advisory Council, CUAC and Academic Research Council – are statutorily required, and the bureau plans to create advisory groups with new, smaller memberships.
In a recent letter to the bureau on its request for information regarding its external engagements, NAFCU encouraged the bureau to continue meeting with credit unions to allow stakeholders ample opportunity to offer feedback on financial issues.
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.