WASHINGTON (10/29/13)--Credit union expertise must be included if the U.S. Congress moves to replace the single director of the Consumer Financial Protection Bureau with a broader multi-member commission, the Credit Union National Association said in a Tuesday letter.
The letter was submitted as a statement for the record of today's House Financial Services financial institutions and consumer credit subcommittee hearing entitled "Examining Legislative Proposals to Reform the Consumer Financial Protection Bureau."
Legislation that would replace CFPB Director Richard Cordray with a five-member panel is one of the bills scheduled to be discussed during the hearing. CUNA has recommended committee members consider expanding the board even further and including a seat "specifically for a person with experience related to credit unions.
"Expanding the scope of experience in this manner would enhance the quality of regulations promulgated by the CFPB by ensuring both the consumer perspective as well as the industry perspective is represented in the decision-making process," CUNA President/CEO Bill Cheney wrote.
Cheney in the letter also spoke in support of additional bills that would:
For the full CUNA letter, use the resource link.
Other hearings scheduled for this week include: