Companion bill to codify CFPB councils intro’d in Senate

August 6, 2015

WASHINGTON (8/6/15)--Sens. Angus King (I-Maine) and Mike Rounds (R-S.D.) have introduced a Senate companion to a House bill that would codify the Consumer Financial Protection Bureau’s (CFPB) Credit Union Advisory Council (CUAC). The bill is the Bureau of Consumer Financial Protection Advisory Board Enhancement Act (S. 1963).

“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 absence of your legislation, there is no guarantee the next director will continue the CUAC,” CUNA President/CEO Jim Nussle wrote to King and Rounds Wednesday.

The House bill, the Bureau of Consumer Financial Protection Advisory Boards Act (H.R. 1195), was approved by the House by a 235-185 vote April 21.

“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.

In addition to the CUAC, the bill would codify the Small Business Advisory Council. Both are currently established on a voluntary basis.