CUNA President/CEO Jim Nussle wrote Wednesday in support of a Senate bill that would codify the Consumer Financial Protection Bureau’s (CFPB) Credit Union Advisory Council. The Bureau of Consumer Financial Protection Advisory Board Enhancement Act (S. 1579) was introduced by Sens. Mike Rounds (R-S.D.) and Angus King (I-Maine).
“Credit unions have found the CUAC meetings helpful and provide an opportunity for credit unions to share information, analyses, recommendations and the unique perspective of not-for-profit financial institutions with the Bureau’s director and staff,” Nussle wrote. “The CUAC is a valuable resource for the bureau to receive feedback from credit unions regarding how its proposals and final rules will affect how they serve their members, and in the absence of your legislation, there is no guarantee that the next director will continue the CUAC.”