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July 19, 2017
NAFCU-backed bill for permanent CU council at CFPB reintroduced
Sen. Mike Rounds, R-S.D., a member of the Senate Banking Committee, and Sen. Angus King, I-Maine, reintroduced legislation on Wednesday that would make permanent the CFPB's Credit Union Advisory Council and establish a small business advisory board at the bureau.
Under the legislation, titled the Bureau of Consumer Financial Protection Advisory Board Enhancement Act (S. 1579), the new 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 would also make permanent the CFPB's Community Bank Advisory Council.
"NAFCU thanks Sen. Rounds and Sen. King for reintroducing this bill and for recognizing the need for the CFPB to hear directly from credit unions on matters affecting them," said NAFCU Vice President of Legislative Affairs Brad Thaler. "NAFCU supports the CFPB's CUAC, as it provides credit unions an important platform to help ensure their interests are taken into account by the CFPB as it drafts rules."
Under the legislation, titled the Bureau of Consumer Financial Protection Advisory Board Enhancement Act (S. 1579), the new 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 would also make permanent the CFPB's Community Bank Advisory Council.
"NAFCU thanks Sen. Rounds and Sen. King for reintroducing this bill and for recognizing the need for the CFPB to hear directly from credit unions on matters affecting them," said NAFCU Vice President of Legislative Affairs Brad Thaler. "NAFCU supports the CFPB's CUAC, as it provides credit unions an important platform to help ensure their interests are taken into account by the CFPB as it drafts rules."
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