The Consumer Financial Protection Bureau (CFPB) issued a Request for Information (RFI) Wednesday on the bureau’s external engagements. Specifically, the bureau is seeking comments and information from interested parties on ways to engage the public and receive feedback on the work of the agency.
“We appreciate that the CFPB is reviewing how it can improve using feedback it receives from credit unions and members, particularly we hope it provides more meaningful consideration to concerns raised by credit unions about how one-size fits all rules impact and less complex smaller financial institutions,” said Elizabeth Eurgubian, CUNA deputy chief advocacy officer. “As part of this, we also encourage the CFPB to continue convening and listening to input from the Credit Union Advisory Council (CUAC).”
Codifying the CUAC is one of CUNA’s advocacy goals for 2018. The council, which has several CUNA members on it, gives the credit union perspective to the CFPB.
This is the fifth RFI issued by the bureau since Acting Director Mick Mulvaney’s call for evidence that the CFPB is fulfilling its proper and appropriate functions. According to the CFPB, the next RFI will address the CFPB’s complaint reporting processes, and will be issued next week.