September 02, 2020

CUAC set to discuss opportunities for CFPB improvements

CFPBThe CFPB's Credit Union Advisory Council (CUAC) is set to meet Sept. 15 alongside the bureau's other advisory councils for a listening session with members of the bureau's Taskforce on Consumer Financial Law. In June, NAFCU offered several recommendations to the taskforce to reduce regulatory burdens and improve consumer access.

The meeting is set to begin at 2:30 p.m. Eastern and will be available to the public via conference call. Registration is available here; meeting materials will be provided before the call.

In its letter to the taskforce, NAFCU outlined several areas ripe with opportunities to expand access and alleviate regulatory burdens, including fintech, consumer lending, data security, data collection, and consumer protections.

Earlier this year, CUAC and the other advisory councils held a joint conference call to discuss the coronavirus' impact on consumers and financial institutions, including:

  • consumers complaints as a result of the coronavirus pandemic;
  • the pandemic's impact on special populations; and
  • the current financial marketplace.

Three representatives from NAFCU-member credit unions currently serve on CUAC; the bureau is expected to soon announce new members.

NAFCU will continue to work closely with the CFPB, CUAC, and other stakeholders to share credit unions feedback and provide insights into the regulatory and legislative landscape.