Newsroom

April 21, 2015

House votes to codify CFPB's CU Advisory Council

The House yesterday voted 235 to 183 to make permanent CFPB's Credit Union Advisory Council by approving NAFCU-backed H.R. 1195, the "Bureau of Consumer Financial Protection Small Business Advisory Board Act," which also establishes a small business advisory board within CFPB.

The small business advisory board would deliver information on emerging practices and concerns of small businesses that provide financial products or services to the bureau. The bill was introduced by Reps. Robert Pittenger, R-N.C. and Denny Heck, D-Wash.

NAFCU supports the Credit Union Advisory Council as it provides credit unions an important platform to voice concerns and helps ensure that credit unions' interests are taken into account when new regulations are crafted by CFPB.