Newsroom

March 03, 2015

New bill creates small-biz board within CFPB

Reps. Robert Pittenger, R-N.C. and Denny Heck, D-Wash. reintroduced a NAFCU-backed bill that would establish a small business advisory board within CFPB and make permanent the bureau's existing credit union and community bank advisory councils.

According to the bill, H.R. 1195, the "Bureau of Consumer Financial Protection Small Business Advisory Board Act," 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.

NAFCU holds that this advisory council will provide credit unions with an important platform to voice concerns and ensure that credit unions' interests are taken into account when new regulations are crafted by CFPB.

Pittenger and Heck introduced this bill last year, which cleared the House Financial Services Committee but ultimately was not enacted.