WASHINGTON (9/18/15 UPDATED 2:30 ET)--Eight new credit union representatives, including six CUNA members, have been selected by the Consumer Financial Protection Bureau (CFPB) for its important Credit Union Advisory Council (CUAC), the bureau announced today.
CUNA made its recommendations to the bureau in February for the CUAC, which advises the bureau on regulating financial products and services, and how it will affect credit unions.
“CUNA appreciates that the CFPB considered input from CUNA when selected CUAC members,” said Ryan Donovan, CUNA’s chief advocacy officer.
CUNA members include:
CUNA also congratulates the following credit union leaders who were selected:
“During this time when credit unions are facing an unprecedented number of regulatory burdens, better informed policymaking is essential for their livelihood. Those serving on CUAC will play no small part in that,” Donovan said. “We appreciate that the CFPB considered input from CUNA when selecting CUAC members, and we are thankful to our credit unions who are willing to share their experience, knowledge and expertise on issues relating to consumer protection, financial institution operations, financial regulations and public policy concerns.”
CUNA supports legislation that would codify the CUAC and the CFPB’s Small Business Advisory Board, which are currently established on a voluntary basis. The bill, The Bureau of Consumer Financial Protection Advisory Board Act (H.R. 1195) passed the U.S House in April.
Appointments to CFPB councils are generally for two years, but can be modified by the CFPB director. The CUAC is permitted to have between 15 and 20 members at any given time.