WASHINGTON (3/2/15)--CUNA noted in a letter Friday that credit union representation at the Consumer Financial Protection Bureau (CFPB) through membership on its advisory boards is key to ensuring the unique perspective of credit unions is not only heard, but also taken into consideration as a part of any and all rulemakings affecting credit unions.
CUNA President/CEO Jim Nussle sent the letter to recommend credit union candidates for the CFPB's Credit Union Advisory Council (CUAC) and Consumer Advisory Board (CAB).
Nussle wrote the credit union leaders nominated by CUNA would bring "collective and individual experience, knowledge and expertise on issues relating to consumer protection, financial institution operations, financial regulations and public policy concerns."
Appointments to the CFPB groups are generally for two years but can be modified by the CFPB director. New members of the councils will begin their terms this fall.
The CUAC advises the bureau on regulating financial products and services, and how it will affect credit unions. It currently consists of 16 members, and is chaired by Rose Bartolomucci, president/CEO, Towpath CU, Fairlawn, Ohio. The council is permitted to have between 15 and 20 members.
The CAB is a group of experts on topics such as consumer protection, community development, fair lending and underserved communities. The board informs the bureau of emerging practices and trends in the consumer finance industry.
The board must have at least 16 members, and currently has 31 members. It is chaired by Bill Bynum, CEO, Hope FCU, Jackson, Miss.