House Passes Bill with Amendment to Ensure CU Presence on CFPB’s Consumer Advisory Board

CUNA wrote in favor of a successful amendment to the Consumers First Act (H.R. 1500) Wednesday, one that would ensure credit unions would be represented on the Consumer Financial Protection Bureau (CFPB) Consumer Advisory Board (CAB). Rep. Haley Stevens (D-MI) offered the amendment, which passed with a 418-10 vote. 

“The CFPB’s CAB is an important tool in identifying and assessing consumer financial practices, trends, and products and providing recommendations,” CUNA President/CEO Jim Nussle wrote to Stevens.  “However, there is no requirement that representatives of credit unions, community banks, or small businesses be appointed to serve on the board. Currently, there is no credit union representation on the CAB.

Thus, we thank you for and support your amendment which would ensure that the CAB has representation from community banks, credit unions, small business owners, and economic growth experts. This amendment will allow all voices and a wider range of perspectives of the financial services industry to be heard,” he added.

The letter also notes CUNA’s strong support of the Credit Union Advisory Council, which currently consists of all CUNA member credit unions, and the Community Bank Advisory Council, and notes that CUNA has called on the CFPB to “retain these councils in their current form and encourage Congress to make them a permanent fixture.”

CUNA and four other financial trades sent a joint letter in opposition to an H.R. 1500 amendment that would reinstate the CFPB’s arbitration rule. The amendment passed with a 235-193 vote. 

H.R. 1500 passed the House with a 231-191 vote.